Assignment Of Future Creditors' Rights

With the development of Chinese market, assignment of future creditors'rights, such as assignment and pledge of charging rights, securitisation of future interest and so on has extensively been applied in China. Furthermore Chinese capital market has been developing more and more quickly which certainly will bring easier circumstances for assignment of future creditors'rights. However only Chinese General Principles of Civil Law and Chinese Contracts law contain provisions about assignment of existing creditors'rights, but no statutes involve assignment of future creditors'rights. Legal disputes in assignment of future creditors'rights need related statutes to be solved, at the same time assignment of future creditors'rights need litigation to gain development. It is for establishment and development of assignment of future creditors'rights to discuss basic system of it in this thesis.The methods used in this thesis are to pose questions at first, andthen analyze questions, at last solve questions. To pose questions, Chinese existing situations of creditor'rights assignment is summarized; secondly analyzed related theories and cases; then based on American case law, German law, Japanese law and also cases in those countries, conclusions are drawn and questions are solved. Otherwise few Chinese legal scholars study assignment of future creditors'rights so that not many related materials can be found on this topic and readers have no much knowledge of this topic, so in this thesis comparing existing creditors'rights assignment and future creditors'rights assignment is emphasized. Future creditors'rights assignment can be divided into three types: conditional creditors'rights assignment and creditors'rights of time limit assignment, future creditors'rights assignment in continuing relationships, and purported assignment of future creditors'rights. Only conditional creditors'rights assignment with terms for execution and assignment of creditors'rights with time limit for start belong to future creditors'rights assignment. Since conditional creditors'rights assignment with terms for relief and assignment of creditors'rights with time limit for end are assignment of existing rights, they are not analyzed here. There exist two different theories on the legal nature of future creditors'rights assignment in litigations of different countries: dispositive mode and creditors'rights mode. To decide the better one ofthem, rights and duties of assignors, assignees, debtors and third parties in two modes are discussed respectively, based of which a conclusion that dispositive mode is better can be drawn. As to conditional creditors'rights assignment and assignment of creditors'rights of time limit, main rights, secondary rights, assignment notice, and protection of debtors are studied in details. Assignment future creditors'rights in continuing relationship has two kinds, one of which is assignment of future salaries, the other of which is assignment future creditors'rights in continuing business relationships. German law and American case law are mainly used for reference to do research on assignment of future creditors'rights in continuing relationships. Since purported future creditors'rights assignment is more typically applied in future interest srcuritisation, theories on future interest srcuritisation are referred to study on internal and external legal effect of purported future creditors'rights assignment. Because of uncertainty of future creditors'rights, specificity of it is often needed. How to specify future creditors'rights runs through this thesis and specificity in different situations are discussed in details.