| The Factoring Contract Chapter of the Chinese Civil Code presents a strong topic-style as well as such features as the interweaving of the special rules of factoring transactions and the general rules of assignment of creditor’s rights and the coexistence of the rules of Verpflichtungsgesch?ft and the rules of Verfügungsgesch?ft. The topic-style code still needs to be applied systematically. The essence of the re-systematization of factoring law lies in establishing a reasonable separation between factoring transaction law in the Civil Code and factoring business law outside the Civil Code, and in reexamining the various rules of the Factoring Contract Chapter, and exploring the general character to maximize the system benefits of governing the law of obligation and connecting the law of obligation and property. Factoring transaction law is value neutral and does not contain the purpose of regulation, while the regulatory rules of the factoring business law on the parties, subject matter and content of factoring do not affect the nature and validity of factoring contracts, nor do they affect the application of the rules for the assignment of creditor’s rights in the Factoring Contract Chapter. The recourse factoring rules have the meaning of the general rule of assignment for security purpose and can provide support for various types of assignment for security purpose. The filing system of assignment of receivables is coordinated with the filing system of pledge and other filing rules. The differences in appearance of these filing rules do not imply internal differences, but are based on the same jurisprudence: if the assignment of receivables is not filed, it is subordinate to the third party, such as the judicial lien creditor or the bankrupt trustee. As a method of publicity, filing has an overwhelming advantage. The rules of notice and proportional acquisition in Article 768 of the Civil Code have only theoretical significance. |
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