УДК 34

Гараханов Вепа Дадебаевич
Туркменский государственный университет имени Махтумкули
аспирант, юридический факультет, кафедра уголовного права

THE CONTRACT OF FINANCING WITH ASSIGNMENT OF A MONETARY CLAIM

Garahanov Vepa Dadebayevich
Turkmen State University named after Magtymguly
Aspirant, Law faculty, Criminal law department

Abstract
In this article, I present a comprehensive review of the financing agreement for the assignment of a monetary claim (factoring). First, I analyzed the changes in the content of Chapter 43 of the Civil Code of the Russian Federation and 8 Chapter of the Civil Code of the Turkmenistan on the financing agreement for the assignment of a monetary claim. Second, I analyzed these changes and identified outstanding issues, as well as possible problems and prospects for the application of new factoring provisions. Also, I analyzed the relationship between the factoring contract and the assignment of the right of claim (assignment) and revealed their similarities and differences. Separately, I considered the mechanism of security factoring. Finally, I have formulated proposals to improve the current legislation.

Keywords: commutative and aleatory contracts, factoring, financing agreement against the assignment of a monetary claim, real and consensual nature of the treaty


Рубрика: 12.00.00 ЮРИДИЧЕСКИЕ НАУКИ

Библиографическая ссылка на статью:
Гараханов В.Д. The Contract of Financing With Assignment of a Monetary Claim // Современные научные исследования и инновации. 2022. № 10 [Электронный ресурс]. URL: https://web.snauka.ru/issues/2022/10/99074 (дата обращения: 25.01.2023).

What is factoring?  Well, factoring is a way of business owners to get working capital to run their business and the peace of mind to know that they will be paid. All right let’s say you make furniture and retailers all across the country sell your furniture in their stores but  one day one of the retailers places an order for a hundred tables so you shift them the tables and send them an invoice now that you’ve shipped the order  you need cash so you can buy the raw materials to make more tables and pay your employees but there is a problem the retailer might not pay the  invoice for 30 days, 60 days or even 90 days but you need that money now, so you can restock your inventory and pay your bills see when a retailer places an order with you the factoring company makes sure that the retailer is creditworthy to pay for the order they keep records of all payments so you always know which retailers have paid and which ones haven’t and they collect payments from retailers so you don’t have to the advantages of this is that as soon as the tables have shift the factoring company could advance to a percentage of the amount of the invoice so you can put that money  to work right away instead of waiting until the retailer has paid the invoice once the retailer’s pay the invoice the factoring company remits the balance of the purchase price to you if the retailer doesn’t pay the invoice  when it’s due the factoring company calls follow up on payment  not you even if the retailer goes bankrupt the factoring company will still pay you the full undisputed amount you are owed and that’s how with factoring you can have the peace of mind that you will get paid.

Under a contract of financing with assignment of the monetary claim, one party (the finance agent) transfers or has the duty to transfer to the other party (the client) monetary funds with reference to a monetary claim of the client (creditor) against a third person (the debtor) arising from the provision by the client of goods, oing by him of work, or the rendering by him of services to the third person, and the client assigns or has the duty to assign this monetary claim to the finance agent. The monetary claim against the debtor also may be assigned by the client to thefinanceagent for the purpose of providing security for performance of an obligation of the client to thefinanceagent.

The obligations of the finance agent under the contract of financing with assignment of the monetary claim may include the conduct of bookkeeping for the client and also the provision for the client of other financial services connected with the monetary claims that are the subject of the assignment. What is factoring?  Well, factoring is a way of business owners to get working capital to run their business and the peace of mind to know that they will be paid. All right let’s say you make furniture and retailers all across the country sell your furniture in their stores, but  one day one of the retailers places an order for a hundred tables, so you shift them the tables and send them an invoice now that you’ve shipped the order  you need cash so you can buy the raw materials to make more tables and pay your employees but there is a problem the retailer might not pay the  invoice for 30 days, 60 days or even 90 days but you need that money now, so you can restock your inventory and pay your bills see when a retailer places an order with you the factoring company makes sure that the retailer is creditworthy to pay for the order they keep records of all payments so you always know which retailers have paid and which ones haven’t and they collect payments from retailers so you don’t have to the advantages of this is that as soon as the tables have shift the factoring company could advance to a percentage of the amount of the invoice so you can put that money  to work right away instead of waiting until the retailer has paid the invoice once the retailer’s pay the invoice the factoring company remits the balance of the purchase price to you if the retailer doesn’t pay the invoice  when it’s due the factoring company calls follow up on payment  not you even if the retailer goes bankrupt the factoring company will still pay you the full undisputed amount you are owed and that’s how with factoring you can have the peace of mind that you will get paid.

The subject of assignment in connection with which financing is provided may be either a monetary claim, the time period of payment on which has already ensued (an existing claim) or a right to acquire monetary funds that will arise in the future (a future claim). A monetary claim that is a subject of assignment must be defined in the contract of the client with the finance agent in such a manner as will allow the identification of an existing claim at the time of concluding of the contract and a future claim—not later than at the time when it arises. In case of assignment of a future monetary claim, it shall be considered as having passed to the finance agent after the right itself has arisen to receipt from the debtor of monetary funds that are the subject of the assignment of the claim provided by the contract. If assignment of the monetary claim is conditioned on a specific event, it will enter into effect after the occurrence of this event Supplementary formalization of the assignment of a monetary claim is not required in these cases. Unless the contract of financing with assignment of the monetary claim provides otherwise, the client shall bear liability to the finance agent for the validity of the monetary claim that is the subject of the assignment.

The monetary claim that is the subject of the assignment shall be recognized as valid if the client has the right to transfer the monetary claim and, at the time of assignment of the claim, he does not know of circumstances as a consequence ofwhich the debtor will have the right not to perform it. The client shall not be liable for nonperformance or improper performance by the debtor of the claim that is the subject of the assignment in the case of presentation of it by the finance agent for performance, unless otherwise provided by the contract between the client and the finance agent.


References
  1. Civil code of Turkmenistan. Ashgabat 1998
  2. Civil code of Russian federation M 2006


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