| The priority of the assignment of claims, as one of the most controversial issues in the law of obligation, is of great importance to modern receivables financing such as factoring and asset securitization, and serves as a key factor for broadening the financing channel of middle and small firms, farmers and other disadvantaged parties. Based upon the analysis of the influence of the three major doctrines-doctrine of assignment, doctrine of notification, and doctrine of filing-on parties, it seems that the doctrine of filing is the most fair and efficient one. This conclusion is supported by historical and empirical evidences. The Contract Law does not provide any priority rule, but the Real Right Law provides for the filing of pledge on receivables. That filing system has been effective and has been used in even outright assignment situations. The next step should be to unify the filing system of outright assignment and assignment as security. The establishment of the filing system of claim assignment will indicate that the Principle of Publicity, as a general principle of property law |
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