Factoring Model Law 譯註（一）

05-01

FACTORING MODEL LAW

Prepared by the Legal Committee of International Factors Group (now integrated

into FCI)

Version February 2014

保理示範法

國際保理商協會（現已與 FCI 合併）法律委員會編製

2014 年 2 月版

CHAPTER I SCOPE OF APPLICATION

第一章　適用範圍

Article 1 Scope of application

1.1. This Law applies to domestic or international assignments of domestic or international trade receivables made under a factoring contract. Subsequent assignments are also included, provided that

1.1.1. They satisfy the criteria set forth in paragraph 1 of this article even if it did not apply to any prior assignment of the same receivable, or

1.1.2. Any prior assignment is governed by this law.

1.2. For the purposes of this Law, "factoring contract" means a contract concluded between one party (the client) and another party (the factor) pursuant to which:

1.2.1. The client will be the manufacturer or wholesaler of the goods or the provider of the service to which the receivable relates,

1.2.2. The client will assign to the factor a trade receivable or trade receivables,

1.2.3. Notice of the assignment of the receivables may or may not be given to debtors.

1.2.4. The factor must perform at least the initial function as described in 1.2.1 to 1.2.3 and may perform any or all of the remaining functions below:

?Finance for the supplier, including advance payments that are directly related to the value and risk assessment of the receivables;
?Maintenance of accounts (ledgering) relating to the receivables;
?Collection of receivables; collection made by the client for the benefit of the factor is deemed to be made by the factor;
?Protection against default in payment by debtors.

第一條　適用範圍

1.1　本法適用於基於保理協議對國內/國際貿易應收賬款的國內或國際轉讓。亦包括下述轉讓，前提是

1.1.1　轉讓滿足本條第 1 款規定的標準，即使其未曾適用於同一應收賬款任何在先的轉讓，或

1.1.2　任何在先的轉讓已適用本法。【注1】

1.2　就本法而言，「保理協議」指一方（客戶）與另一方（保理商）訂立的協議，其中：

1.2.1　客戶應為應收賬款所涉商品的製造商、批發商或服務的提供商

1.2.2　客戶將一筆或多筆貿易應收賬款轉讓給保理商；

1.2.3 應收款項轉讓通知可以或不會送達債務人。【注2】

1.2.4　保理商必須至少履行1.2.1至1.2.3所述基本職能，並執行以下部分或全部其他職能：

?供應商融資，包括與應收賬款價值和風險評估直接相關的預付款；【注3】
?管理與應收款項有關的賬目（分戶賬）；
?應收賬款的收款；客戶為保理商利益所為的收款視同於該保理商所為；
?承保債務人的付款違約。

Article 2 Assignment of receivables

For the purposes of this Law:

2.1. 「Assignment」 means the transfer by agreement from one

person (「assignor」) to another person(「assignee」) of all or part of or an

undivided interest in the assignor』s contractual right to payment of a monetary

sum (「receivable」) from a third person (「the debtor」). The creation of rights

in receivables as security for indebtedness or other obligation is deemed to be

a transfer.【注4】

2.2. In the case of an assignment by the initial or any other

assignee (「subsequent assignment」), the person who makes that assignment is the

assignor and the person to whom that assignment is made is the assignee.

第二條 應收款的轉讓

就本法而言：

2.1　「轉讓」指一人(「出讓人」)通過協議，將第三人(「債務人」)對出讓人應付貨幣金額(「應收賬款」)的全部或部分或不可分割權益之合同權利轉讓予另一人(「受讓人」)。對應收賬款設定權利作為對債務或其他義務的擔保亦被視為轉讓。

2.2　當初始受讓人或任何其他受讓人進行轉讓（「後續轉讓」）時，做出轉讓一方為出讓人，接受轉讓一方為受讓人。【注4】

Article 3 Internationality

3.1. A receivable is international if, at the time of conclusion of the original contract, the assignor and the debtor are located in different states. An assignmentis international if, at the time of conclusion of the contract of assignment, the assignor and the assignee are located in different states.

3.2. A receivable is domestic if, at the time of conclusion of the original contract, the assignor and the debtor are located in the same state. An assignment is domestic if, at the time of conclusion of the contract of assignment, the assignor and the assignee are located in the same state.

第三條 國際性

3.1　若基礎合同簽訂時出讓人和債務人位於不同國家，則應收賬款是國際的。若轉讓合同簽訂時出讓人和受讓人位於不同國家，則轉讓是國際的。

3.2　若基礎合同簽訂時出讓人和債務人處於同一國家，則應收賬款是國內的。若轉讓合同簽訂時出讓人和受讓人處於同一國家，則轉讓是國內的。【注5】

Article 4 Exclusions and other limitations

4.1. This law does not apply to assignments made:

4.1.1. To an individual for his or her personal, family or household purposes;

4.1.2. As part of the sale or change in the ownership or legal status of the business out of which the assigned receivables arose.

4.2. This law does not apply to assignments of receivables arising under or from:

4.2.1. Transactions on a regulated exchange;

4.2.2. Financial contracts governed by netting agreements, except a receivable owed on the termination of all outstanding transactions;

4.2.3. Foreign exchange transactions;

4.2.4. Inter-bank payment systems, inter-bank payment agreements or clearance and settlement systems relating to securities or other financial assets or instruments;

4.2.5. The transfer of security rights in, sale, loan or holding of or agreement to epurchase securities or other financial assets or instruments held with an intermediary;

4.2.6. Bank deposits;

4.2.7. A letter of credit or independent guarantee.

4.3. Nothing in this Law affects the rights and obligations of any person under the law governing negotiable instruments.

4.4. Nothing in this Law affects the rights and obligations of the assignor and the debtor under special laws governing the protection of parties to transactions made for personal, family or household purposes.

4.5. Nothing in this Law:

4.5.1. Affects the application of the law of a state in which real property is situated to either:

4.5.1.1. An interest in that real property to the extent that under that law the assignment of a receivable confers such an interest; or

4.5.1.2. The priority of a right in a receivable to the extent that under that law an interest in the real property confers such a right; or

4.5.2. Makes lawful the acquisition of an interest in real property not permitted under the law of the state in which the real property is situated.

第四條 除外及其他限制

4.1　本法不適用於對：【注6】

4.1.1　個人以其私人、親屬或家庭用途之債務的轉讓；

4.1.2　產生被轉讓應收賬款之貿易項下的所有權或法律地位的交易或變更。

4.2　本法不適用於基於或來自以下方式所產生的應收款轉讓：

4.2.1　管制交易所內的交易；

4.2.2　按凈額結算協議管理的金融合同，但對於終止時未結清交易所欠的應收賬款除外；

4.2.3　外匯交易；

4.2.4　銀行間支付系統，銀行間支付協議或與證券或其他金融資產或工具相關的清算與結算系統；

4.2.5　中介機構所持有的擔保權、銷售、貸款，或販售證券及其他金融資產與工具的份額或協議的轉讓；

4.2.6　銀行存款；

4.2.7　信用證或獨立保函。

4.3　本法不影響任何人在票據法下的權利與義務。

4.4　本法不影響特別法律對當事人為私人、親屬或家庭用途交易的保護下出讓人和債務人的權利與義務。

4.5　本法無任何規定：

4.5.1　影響不動產所在國法律適用於：

4.5.1.1　在該法律下，應收賬款的轉讓賦予對不動產的權益；或

4.5.1.2　在該法律下，不動產權益賦予對應收賬款的優先權；或

4.5.2　依據不動產所在國法律，不得取得不動產權益。

【注1】GRIF 規則的適用範圍僅限於國際保理業務。FML 則定位於國內、國際保理業務均可一體適用。

【注2】對比 GRIF 嚴格規定轉讓通知的操作規則而言，FML 對「暗保理」給予了較為開放的態度；但基於風險的立場，轉讓通知在多數情況下仍為必要的，尤其在我國法律有明確規定的情況下，「暗保理」無法確保保理商代位獲得債權人法律地位。2017年12月出台的《企業應收賬款資產支持證券掛牌條件確認指南》中，我國證券交易管理機構對暗保理也採取了類似的開放態度，但依據近期監管機關對相似業務的整頓情況來看，預計 A/R-ABS 業務實施中可免除債權轉讓通知的，或許僅限於特殊場景下的小額、高頻交易。

【注3】GRIF 對於 factoring 內涵的界定，明確將融資功能排除在定義之外，強調保理的本質是對應收賬款提供增信服務。FML 將 finance 納入保理的功能，並且位列第一，個人認為其醉翁之意不在這條規則本身的是非優劣，而在於討好「金主」——君不見中國早已成為 FCI 最大會員國，換句話說，「最大會費國」。為了忽悠滿腦子裡只有融資概念的中國保理商多多來入會，信念也是可以拿來出賣的——畢竟混江湖都是風險自負，你家門前雪干我 P 事？用句古話來講，「死道友不死貧道」的嘛~~

【注4】FML 創設了一組 GRIF 中沒有的概念：出讓人 assignor、受讓人assignee，而沒有規定出讓人一定是保理商。這裡的原因在於：在各國民商法律下，債權的轉讓和受讓都是一種無特殊禁止性限制的權利，任何人都可以受讓別人轉讓來的債權。是不是保理商，要看受讓人是否滿足 1.2.4 條款的規定。反過來講，如果作為 factor 不從事 low 到是個人都懂做的放款業務，只提供管賬、收款、承保買方信用風險（不是融資性擔保）這三項高技術含量的服務，又何必進行牌照化管理呢？

【注5】FML 對國際保理、國內保理進行了再定義。過去的觀念中，普遍認為做「國際應收賬款」就是國際保理，做「國內應收賬款」則是國內保理。FML 則對應收賬款買方雙方的屬地性與保理業務的屬地性進行了切割：依據 assignor 和 assignee（或者說轉讓與受讓行為）是否在同一國家定義保理業務的性質，國內應收賬款轉讓給外國 factor 就是國際保理，而國際應收賬款（出口賬款）轉讓給本國 factor 則依舊是國內保理。這個劃分原則無疑是非常正確的！目前國內有些保理公司號稱自己做的是 International Factoring，但受讓的是本國出口商的應收賬款，在外完全沒有海外分支或同業對買方的履約意願和能力進行管理，僅僅是對出口商做人民幣信用融資，敢問這種業務有何「國際性」可言呢？

【注6】FML 依舊強調 factoring 業務並非適用於一切債權：對個人的應收款、金融資產和金融工具類、金融機構間交易、外匯交易、跟單信用證、獨立保函……等均不屬於 FML 的適用範圍。還是那句老話：某一種金融工具，即是在特定條件下、針對特定資產、通過特定手段可重複實現和驗證有效的一套風險管理體系。Factoring 的有效風險範圍僅限於滿足一定條件的法人間貨物貿易及部分服務貿易，肆意擴大其外延，就要承擔 factoring 作業體系不可控的高風險。為什麼是這樣呢？請用層級化的風險分析體系進行思考——

傳送門：風險層級分析框架

【碼子累，碼專業的字尤累，有時配圖是一件比碼字還要累得多得多的事。痛苦再三，我決定不糾結，這個系列就用 model 作為題圖好了，第一篇致敬國人天使何穗。PS. 轉載須註明出處】