Research On System Of Future Credit Assignment

Future credit as basic assets in China’s asset securitization accounts for high proportion and its application is more and more widely. According to the basic principle of asset securitization, risk isolation influences a lot on asset securitization, and asset transfer is a key step to realize the risk isolation. The future credit as a kind of special creditor’s rights, the assignment system of which has its particularity and is different with the ordinary creditor’s rights. However, China has not formulated specifically for the legal system of assignment of creditor’s rights in the future and even we don’t know whether future credit can be transferred. So the future credit assignment is facing an embarrassing situation and securitization of future credit is in risk without law applicable. Business practice needs the support of the legal system and current situation and future development of securitization of future credit requires us to improve and perfect relative legal system. By using the methods of comparative analysis, legal economic analysis and historical analysis, this paper analyzes several important issues of future credit assignment.The main content of this paper includes the following parts. The first part of the introduction, includes the research background and issues raised, the value and significance of research, literature review and research methods, etc..The second part mainly introduces the basic principles,processes and legal connotation of asset securitization, then makes a brief introduction of a practical case. The third part is the second chapter and introduces specific institutional dilemma of future credit applied in the asset securitization, including that the assignability of future credit is not clear; transfer point can’t meet the requirement of risk isolation; lack of publication system increased risk of assignment of future credit and priority right of same credit. The fourth part summarizes the development of the system of creditor’s rights transferment and the author concludes that the development trend of creditor’s rights assignment system is that assignee gets absolute right of the credit. The fifth part is the construction of the future credit assignment system under the background of securitization. Through the legal analysis and comparative analysis of several important problems about future credit, the suggestions for perfecting the system of assignment of future credit are put forward.