Research On The Publicity System Of Credit Assignment

Credit right is the most important property in the social and economic life because of the liquidity of itself. For the creditors and assignees,credit assignment is of great significance as an important way of liquidity of credit rights. In the business of credit assignment, a deal would not be finished without the assignee’s active participation. It’s whether the assignee is positive or not that depends on the security of transaction mode. In fact, the deals may be influenced by factors such as the existence of the authenticity of the creditor’s rights, agreements about prohibited assignments, dual or multiple assignments, the conflicts between cession and pledge of creditor’s rights, and the exercises of rights of defense and so on. More and more security requirements of transaction mode come along with the advent of asset securitization which needs a mass, aggregative, electronic, and high-speed liquidity characteristic way of credit assignments.In China, laws in relation to credit assignment mainly exist in system of assignment of contract in the contract law and the system of the pledge of creditor’s rights in the property law. Due to lack of necessary public way, it is the system of the credit assignment that cannot satisfy the security requirements under the background of asset securitization. At the same time, the credit assignment system,of which the idea is to protect the interests of the creditor, but the legal practices of credit assignments protect the debtor finally,and is unfavorable to the assignee enough in China. The security of trade has always been a core issue for legislation of the credit assignment in most countries. Three modes,priority rules based on registration,priority rules based on the time of the contract of assignment,priority rules based on the time of notification of assignment, have been formed in the legislative practices of credit assignments, and of which the registration priority rules take effect. Registration improves security of transaction and reduces the cost of the transaction. The United States has established the publicity system of registration of assignment by the Uniform Commercial Code. Japan has established the publicity system of registration of assignment by Electronically Recorded Monetary Claims Act,too. To a certain extent, registration solves the problem of the enterprise financing difficulties. It would be better for our county to absorb advanced legislative idea and experience of the United States and Japan, and to establish the system of publication of the registration to solve the uncertainty problem of the transaction of assignment. It would be better for our country to set up unified rules of priority through the system of registration, to solve the defaults in system of contract assignment and the system of pledge of creditor’s rights and the conflicts between and of them, to protect the assignee, to balance the interests of the obligor and the assignee, to realize the modernization of legislation of credit assignment,and finally to promote the healthy development of assignment, and to ease the plight of financing difficulties of small and medium-sized enterprises.