应收帐款多重保理优先顺位规则研究

A Study of Multiple Factoring Priority Subordination Rules for Accounts Receivable

摘要: 保理合同可分为无追索权的保理和有追索权的保理，无追索权的保理实为债权买卖，有追索权的保理实为让与担保。我国《民法典》第768条和《担保制度司法解释》第66条规定了保理合同下债权多重转让的权利优先顺序规则，即登记主义在先，结合通知主义。从价值判断和法律逻辑上来看，应认为多重保理顺位规则可以延伸适用于一般债权让与。在应收账款转让、质押与保理竞合时，应以登记判断优先顺位。通知并无公示效力，只是使债务人知晓债权转让的信息，在均无登记时保护通知先到达债务人的保理人的应收帐款债权的实现。

Abstract: Factoring contracts can be divided into non-recourse factoring and recourse factoring, with non-recourse factoring being in fact the sale of claims and recourse factoring being in fact the cession of security. Article 768 of the Civil Code and Article 66 of the Judicial Interpretation of the Security System of China stipulate the rule of priority of the rights of multiple assignments of claims under factoring contracts, i.e. registration doctrine comes first, combined with notice doctrine. From the value judgment and legal logic, it should be considered that the multiple factoring subordination rule can be extended to apply to the general assignment of claims. In the case of competing assignments of receivables, pledges and factoring, registration should be used to judge the priority of subordination. The notice has no publicity effect, but only makes the debtor aware of the assignment of the claim, and protects the realization of the factor’s accounts receivable claim if the notice reaches the debtor.