1. The provisions of Article 58, paragraphs 2, 3 and 4 of the Consolidated Text of Banking Laws, are applicable to the assignments of credits effected under this Law.
2. From the date of the notice on the Official Gazette relating to the assignment, only the actions to protect the rights under Article 1, paragraph 1, letter b) are permitted in respect of the credits purchased and the amounts paid by the debtors assigned. From the same date the assignment of the credits may be opposed:
a) to other successors of the assignor, whose right of purchase has not been rendered effective vis-a-vis by third parties in a prior date;
b) to the creditors of the assignor who did not seize the credit before the publication of the assignment.
3. Article 67 of the Royal Decree No. 267 of 16th March 1942 as amended, is not applicable to the payments made to the assignee company by the debtors assigned.
4. The terms of two years and one year provided for in Article 67 of the Royal Decree No. 267 of 16th March 1942, as amended, are reduced to 6 and 3 months respectively, having regard to the securitisation transactions contemplated by this Law.
For further information, please contact us.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
