Research On The Legal Issues Of Assets Transfer In Financial Leasing Asset Securitization

In recent years,financial leasing has become a new type of financing and has been booming in our country.Financing lease companies,while providing financing for tenants,are also facing refinancing themselves.At present,the domestic financing leasing companies have a single financing method,mainly relying on credit funds.The introduction of the asset securitization model opens up the door for refinancing of financial leasing companies.As a form of off-balance-sheet financing,asset securitization has been universally recognized as the value of revitalizing its assets.However,the development of the business must be protected by laws.Under such a background,it is necessary to study the legal issues of the securitization of financial lease assets.However,whether it is financial leasing or asset securitization is a very complicated issue,this paper only studies some legal issues of assets transfer in the financial leasing asset securitizationThis article focuses on the following four important issues.First,define the scope of “assets” in the financial leasing asset securitization,clarify the “assets” provisions in asset securitization,and summarize the general legal requirements for “assets” in the financial leasing asset securitization.Second,asset transfer methods and transfer restrictions in the financial leasing asset securitization.At present,there are mainly four methods of transfer: debt renewal,subordinate participation,debt assignment,and trust transfer.China’s "Contract Law" stipulates three types of restrictions on the assignment of creditor’s rights.it is not transferable in light of the nature of the contract,in accordance with the agreement between the parties and the provisions of the law.The article focuses on the analysis of the parties’ agreement not to transfer,and draw lessons from the "German Commercial Code" for the breakthrough of this type of restriction.Third,the issue of priority in the multiple assignment of assets.On the basis of analyzing the three kinds of rules and methods,the article will focus on the analysis of the prior rules for the registration of prior rights and provide lessons for our country’s legal practice.Fourth,the transfer of assets in the financial leasing asset securitization should achieve the effect of “true sales”,and it should be differentiated from secured financing on the basis of explaining the true sales connotation.The biggest legal risk of true sales is to be re-characterized and consolidated in bankruptcy.In order to promote the development of commerce and protect the interests of all parties,it is necessary to define clear criteria for the identification of true sales in the financial leasing asset securitization.This article will discuss the standard for the identification of true sales in American judicial practice and provide advice for our judicial practice.