Cywilnoprawne aspekty umowy cesji wierzytelności oraz umowy o subpartycypację zawieranych w procesie sekurytyzacji wierzytelności
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CIVIL ASPECTS OF THE CONTRACT OF THE ASSIGNMENT OF RECEIVABLES AND SUB-PARTICIPATION AGREEMENT CONCLUDED IN THE PROCESS OF SECURITIZATION OF RECEIVABLES
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Securitization, in practice one of the forms in which enterprises and public entities finance their activities, is a complicated operation consisting in the management of assets (receivables) by issuing securities. In this process an entity which is entitled to a particular receivable (an asset) concludes contract with an issuer — a special company or securitization fund — for the assignment of receivables, or a sub-participation agreement under which the rights from the securitized receivables are transferred to an issuer (company or fund), which then emits securities. At a later time, it satisfies the claims contained in the issued securities from funds acquired from debtors of a pool differentiated in advance. The article presents the civil law aspects of these two types of contracts: contracts for the assignment of receivables, and sub-participation agreements. These contracts form the foundation of the entire securitization process. Their effects and the consequences of concluding them are also examined.
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