PL EN


2011 | 20 | 1 | 209-231
Article title

Faktoring w prawie niemieckim

Title variants
EN
FACTORING IN GERMAN LAW
Languages of publication
PL
Abstracts
EN
The German private law contains no specific regulations on factoring. Thus, the factoring is governed by the general provisions of the civil code and by the provisions of the commercial code relating to the commercial transactions. The factoring contract concluded at the beginning of the co-operation between the factor and the supplier is a frame contract, which provides an obligation to conclude the further performing agreements. Such particular agreements to be concluded under this frame contract may be classified as a contract of sale of receivables or as a loan contract with additional assignment of receivable securing the loan repayment. The factoring is based on the transfer of the receivables. According to the German law, the assignment of receivables is the only instrument of the transfer of receivables within the factoring transactions to the factor. The German law on the assignment of receivables provides some important rules which facilitate and thus promote the factoring. In particular, it allows the general assignment of (existing and future) receivables, removes the ban of assignment incorporated in the civil code. In addition, with its rules on transfer of accessory rights securing payment of the assigned receivable and the priority rules referring to the persons who, by operation of law, claim the rights in the same assigned receivable, it clarifies the effects of an assignment. By establishing the abstraction principle with respect to the assignment it also removes the uncertainty concerning validity of the assignment agreement. Moreover, it confirms a generally accepted rule, that an assignment does not affect the debtor's legal position without the debtor's consent. All these rules can maintain a fair balance of interests between the different parties involved in factoring transactions.
Year
Volume
20
Issue
1
Pages
209-231
Physical description
Document type
ARTICLE
Contributors
  • Arkadiusz Wowerka, Uniwersytet Gdanski, Wydzial Prawa i Administracji, Katedra Prawa Handlowego i Miedzynarodowego Prawa Prywatnego, ul. Bazynskiego 6, 80-952 Gdansk, Poland
References
Document Type
Publication order reference
Identifiers
CEJSH db identifier
11PLAAAA091515
YADDA identifier
bwmeta1.element.4cab02f0-ced2-3d24-9e99-c5e5229f76c8
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