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The UNCITRAL Convention on the Assignment of Receivables in International Trade, Assignment of Future Receivables and Turkish Law

Akseli, N. Orkun

The UNCITRAL Convention on the Assignment of Receivables in International Trade, Assignment of Future Receivables and Turkish Law Thumbnail


Authors

N. Orkun Akseli



Abstract

The Assignment of receivables is an important financing technique the regulation of which varies from legal system to legal system. In December 2001, the Convention on the Assignment of Receivables in International Trade made by the United Nations Commission on International Trade (“the UNCITRAL Convention”)1 was adopted by the General Assembly2. The UNCITRAL Convention was prepared for the purposes of establishing a model for the modernisation of domestic assignment law and as a first substantive step towards the overall harmonisation of the law of assignment of receivables in international trade3. The key objective of the Convention is to facilitate the cross-border flow of credit and to lower the cost of credit through harmonisation of rules that govern assignments which will lead to greater predictability and certainty in the assignment of receivables contracts. In general, Turkish law contains some essential elements of modern secured transactions regimes such as priorities in collateral, registration and therefore, public notice of security interests on certain property4 and non-possessory security interests. However, Turkish secured transactions law is fragmented and the elements that shape the system can be found5 in the Civil Code, the Code of Obligations, the Commercial Code, the Code of Execution and Bankruptcy and some other special statutes6. As far as the law on assignment of receivables is concerned, in Turkey it is governed by the Code of Obligations (CO)7, which was adopted in 1926 and is based on the Swiss Code of Obligations (OR)8.

Citation

Akseli, N. O. (2006). The UNCITRAL Convention on the Assignment of Receivables in International Trade, Assignment of Future Receivables and Turkish Law. International Business Law Journal, 2006(6), 767-787

Journal Article Type Article
Publication Date Jan 1, 2006
Deposit Date Sep 14, 2011
Publicly Available Date Mar 29, 2024
Journal International Business Law Journal
Print ISSN 0295-5830
Electronic ISSN 1777-5655
Publisher Sweet and Maxwell
Peer Reviewed Peer Reviewed
Volume 2006
Issue 6
Pages 767-787
Publisher URL http://www.sweetandmaxwell.co.uk/catalogue/productdetails.aspx?recordid=2546&productid=284119

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