Measures for the Registration of Pledge of Accounts Receivables (Revised in 2017)
Measures for the Registration of Pledge of Accounts Receivables (Revised in 2017)
Measures for the Registration of Pledge of Accounts Receivables (Revised in 2017)
Order of the People's Bank of China [2017] No.3
October 25, 2017
The Measures for the Registration of Pledge of Accounts Receivables, as amended by the People's Bank of China in accordance with the provisions of the Real Rights Law of the People's Republic of China and other applicable laws and adopted at the eighth governor's executive meeting on August 24, 2017, are hereby promulgated and shall take effect from December 1, 2017.
Governor: Zhou Xiaochuan
Measures for the Registration of Pledge of Accounts Receivables (Revised in 2017)
Chapter I General Provisions
Article 1 These Measures are formulated in accordance with the provisions of the Real Rights Law of the People's Republic of China and other applicable laws to standardize the registration of pledge of accounts receivables and protect the lawful rights and interests of the pledgor and the pledgee and the interested parties.
Article 2 For the purpose of these Measures, the term "accounts receivables" shall refer to the right obtained by the rights holder to request payments from the obligator and the right enjoyed by such holder according to the law to seek other payments as a result of its provision of certain goods, services or facilities, including current and future monetary claims, but excluding the rights to request for payments that arise from negotiable instruments or other negotiable securities or shall not be transferred as stipulated in laws and administrative regulations.
For the purposes of these Measures, the term "accounts receivables" includes the following rights:
1. Claims arising from sales or leasing, including sales of goods, supply of water, electricity, gas and heat, the licensed use of intellectual property rights, and the leasing of movable property or real property;
2. Claims arising from the provision of services or labor services regarding medical care, education, tourism, etc.;
3. Right to earnings derived from infrastructure and public utilities in respect of energy, transport, water resources, environmental protection, public works, etc.;
4. Claims arising from the provision of loans or other credit-based activities; and
5. Other claims that are based on contracts and involve the monetary payments.
Article 3 For the purpose of these Measures, the pledge of accounts receivables shall refer to the pledge of accounts receivables set forth in Article 223 of the Real Rights Law of the People's Republic of China, to be specific, the circumstance where the obligor or a third party has its legally owned accounts receivables pledged to the obligee in order to guarantee the repayment of debts, and the pledgee has the preferential right to seek payments from the pledged accounts receivables and revenues derived therefrom if the obligor fails to repay the debt due or any circumstance for realizing the pledge right as agreed by the parties concerned occurs.
Article 4 The Credit Reference Center of the People's Bank of China (hereinafter referred to as the "Credit Reference Center") is the authority where the pledge of accounts receivables shall be registered.
The Credit Reference Center shall establish the internet-based publicity system for registration (hereinafter referred to as the "publicity system for registration") to handle registration of pledge of accounts receivables and provide enquiry services to the general public.
Article 5 The People's Bank of China shall regulate the relevant activities conducted by the Credit Reference Center to register the pledge of accounts receivables.
Article 6 Where several rights are established in the same accounts receivable, the pledgee shall exercise pledge rights pursuant to the sequence of registration.
Chapter II Registration and Enquiry
Article 7 The registration of pledge of accounts receivables shall be handled through the publicity system for registration.
Article 8 The registration of pledge of accounts receivables shall be handled by the pledgee.
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