According to the basic principle of asset securitization,the risk isolation is the key to realize asset securitization,and the assignment of debt is critical to realize risk isolation.Future creditor's rights as a special debt,the transfer system has its own particularity,it can not simply apply to the transfer system of ordinary creditor's rights.First,the paper introduces the basic concepts and legal attributes of future creditor's rights and the basic principles of asset securitization,points out the necessity of securitization of future creditor's rights.Then it discusses the system dilemma of future creditor's rights securitization in terms of assignment,the time of assignment,the criterion of true sale,the conflict between bankruptcy reorganization.Facing these difficulties,the author conducts a comparative analysis of the ideas of other countries,and studies the theories of bankruptcy segregation.The author proposes that the necessary limits should be given to the legal recognition of future creditor's right,and the effective date of the assignment of future creditor's right should be clarified.However,it is not appropriate to introduce a registration system specifically for the assignment of future creditor's right.Instead,it should make up the shortcomings from the aspects of the structural arrangement of transactions or the perfection of securitization systems(such as the trust system). |