Assignment of Receivables in Securitization Transactions (A comparative study on the law of France and Iran)

Assignment of receivables is the core of securitization transactions. For the purpose of securitization, receivables must be “transferable” and “eligible” for securitization. According to French Civil Code (and other European classic laws) assignment of receivables is effectual only when satisfies the legal terms and condition expressed in law. These legal systems require that an express notice must be given to debtor, or the assignment should be made with the consent of the debtor. These terms (especially an express notice to debtor) are not rationale and practical for securitization transactions. So, modern instruments and solutions designed and adopted to comply with the necessities of securitization. “Bordereau de Dailly” for “Mobilisation des créance” and “Bordereau de cession” for securitization transaction are main illustrations for those reforms. Fortunately, in the Iranian Civil Code the debtor consent or an express notice to him/her does not require. Despite this convenience, another problem exists for assignment of receivables: because of article 292 of Iranian Civil Code way of expression, one may understand that the effect of assignment and novation in our subject is the same. Some interpretations in the doctrine has cleared the subject and moved this confusing situation. But still it is necessary for Iranian legislator to meet the financial and money market needs; Iranian financial market needs securitization law. Key words: securitization, Bordereau de Dailly, assignment of receivables, collaterals attached to receivables, assignment of future flow.