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Transfer of assets in the asset securitization legal issues

Author: LiZuo
Tutor: ZhaoWei
School: China University of Political Science
Course: International law
Keywords: Asset transfer method Update Trust So with Sub-participation Lets nature of the assets Recourse The right of set-off Real sales Bankruptcy remoteness Fraudulent transfer Recharacterization risk The risk of a combination of entities
CLC: D912.28
Type: Master's thesis
Year: 2006
Downloads: 186
Quote: 8
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Abstract

\The mortgage securitization not yet promotion, integration into the international financial markets or marginalized, it is self-evident. Asset securitization as a new means of financing, the extremely rapid development. Its mode of operation can be summed up as a promoter to have a steady income stream transfer of assets to a special purpose vehicle, these assets by the entity in order to guarantee issued securities, issue of securities to raise funds as a transfer of assets on the price paid to the promoters, with assets generate the revenue to pay the principal and interest of the securities. Which promoters transfer of assets to the SPV itself away from bankruptcy structure design by the SPV, the transferee of the assets individually risk to security holders, regardless of the promoters of the impact of the bankruptcy risk, asset securitization risks isolation mechanism. The success or failure of this mechanism often determines the success or failure of the asset securitization operation. Asset securitization risk isolation mechanism involves two issues: first, the transfer of assets taken the form to the real risk of isolation promoters;, SPV what kind of structure to isolate the risk of promoters make himself away from risk. The paper is to explore the first question, that the asset transfer issues. Transfer of securitized assets implies a contradiction: on the one hand, investors hope to maintain recourse, the promoters not enough to settle from the assets of the SPV, you can continue to promoters recovery; On the other hand, in order to isolate the bankruptcy risk of the originator of the other creditors to achieve a fair and legal requirements for the transfer of assets to be taken in the form of a true sale. Law that is in contradiction to strike a balance in order to effectively solve the problem in practice. The paper is divided into three parts. Preface introduces the functions of the participating parties in the countries in asset securitization status quo overview, the basic concept of asset securitization and structure as well as the structure of asset securitization financing instruments, financial instruments for a basic explanation. The first section describes several ways to transfer the assets in the securitization of assets. Update transfer method is the least of the legal obstacles encountered in the practice of States. However, because of its need to obtain the consent of the debtor, not suited to the operation of the asset securitization in a huge amount of assets, number of characteristics of the debtor, does not have the economic feasibility makes transaction costs is too large, and the secured creditor is not necessarily fully with the forward contracts generally take the transfer the updated claims assets may need to seek guaranteed addition will destroy or termination of the relationship with the debtor, so it was not used. The Trust is currently selected in the securitization pilot form has been preliminary operating rules. But due to the lack of the legal traditions of the Trust, the Trust history is not long, not a wide range of the isolated asset risk in civil law countries. Let the transfer and is the most common way. Note first of all let in to

Transfer of assets in the asset securitization legal issues

Abstract

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