Document Type : Research Paper
Authors
1
PhD in Private Law, Faculty of Law and Political Sciences, Kharazmi University
2
Assistant Professor, Department of Private Law, Faculty of Law and Political Sciences, Kharazmi University
Abstract
Abstract
In the UNCITRAL Model Law on Secured Transactions, it is possible to create a non-possessory security right against movable assets means a tangible or intangible asset, other than immovable property to allow debtors to use the full value inherent in their assets to support credit. In this way, the use of intangible asset such as a right to payment of a monetary obligation subject to encumbered asset has been provided to guarantee and secure the obligation secured by a security right called secured obligation. in this model law, monetary obligation monetary is movable asset which has value inherent and exchange value and can be used as encumbered asset. Four types of this asset including receivable, right to payment of funds credited to a bank account, right to payment under non-intermediated security and right to payment under negotiable instrument has been regulated under the model law. In a special sense, the receivable can be considered as a right to payment of a monetary obligation because the creation and transfer of a receivable is not subject to special formalities, which is opposed to a right to payment under negotiable instrument and a right to payment under securities that the creation and transfer of debt in them is a place of reflection without observing special formalities. In this model law, the meaning of security right been changed from a right based on tangible and objective asset to an accessory and dependent right to secure secured obligation to include intangible asset such as receivable. In Iranian law, there are conflicting provisions for security right against receivable: On the one hand, it invalid by article 774 of the Civil Code, but on the other hand, in some scattered laws, such as article 1 of the law on facilitating banking facilities and reducing project costs and accelerating production projects and increasing financial resources and efficiency banks approved in 2007, security right against Receivable in the form of future income is considered possible without defining a precise framework for creating. This descriptive-analytical method has tried to investigate the method of creating security right against receivable in the UNCITRAL model law through a comparative study, and through this a new format for applying the provisions of the UNCITRAL law in Iiranian law. The main question of the research is how in the UNCITRAL model law, is created the security right against receivable? In response, it should be said that in the model law, the security right is created by the security agreement. This contract is concluded between two persons means the creditor as the grantor and the secured creditor that its purpose is to secure Secured obligation. The essence of the agreement is the possibility of secured creditor to collect payment from the debtor without transferring ownership to the secured creditor. Under this agreement, the receivable is seized in favour of the secured creditor and is entitled to collect payment from the debtor after default of the secured obligation. This agreement takes effect between the parties as soon as the security agreement is entered into without the need for the an additional step but it has no effectiveness against debtor and third parties unless the requirements of the model law have been met. For achieving debtor effectiveness, a notification or payment instruction must be notified to him so that he can be required to fulfill his obligation to the secured creditor, otherwise the debtor has no obligation to payment of money to him. For achieving third party effectiveness, the primary method is used as notice with respect to the security right is registered in the registry. There are no provisions in Iranian law such as the provisions of the Model Law. This study suggests that the provisions of the UNCITRAL Model Law be used to legislate the creation of Security right against receivable in Iranian law.
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