Credit Assignment Guide

cesion de creditos

The assignment of credits allows the transfer of rights without their termination

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In this post we do a brief review of the regulation of credit assignments.

What is an assignment of credit?

A assignment of credit is a legal business through which a creditor, entitled "previous”, transmits to the new creditor, entitled "assignee”, the rights you have against a third person, entitled "debtor”, that is unrelated to the assignment or transmission of the credit, but what happens to be the debtor of the new creditor. The relationship is not terminated with the assignment of the credit. It is regulated in the articles 1526 and following and 1535 Civil Code. On Commercial Code, Articles 347 and 348.

How come objeto of the assignment of credit is the right to receive, por parte del deudor, an agreed amount, within a specified time. The assignment of the credit is extended, not only to the main credit, but also that of your accessory rights.

The Supreme Court in SSTS 15/11/1990, 22/02/1994 and 18/07/2005 He established that

“(…) the assignment of credit, as a substitution of the person of the creditor for another with respect to the same credit, is admitted, generally, for the article 1112 CCivil  and is regulated, with particular character, Articles 1526 and following of the same legal body, as a legal business, whether or not it is a contract of sale, and supposes a change of creditor leaving the new one with the same right as the previous one, the mandatory relationship remaining intact. (…)”.

For the loan assignment to be valid, the debtor's consent is not necessary, as well as his knowledge. In the event that the debtor pays the amount owed to the original creditor before having knowledge of the assignment, the debtor will be released from the debt and the assignee will not be able to claim anything from him.

As a rule, there freedom of form regarding the assignment of credit, except in the case of the assignment of the mortgage loan, as the art. 149 Mortgage Law requires that the transfer be formalized in a public deed, expressly making itself known to the debtor, as well as the obligatory nature of its registration in the Property Registry ("The credit or loan guaranteed with a mortgage may be assigned in whole or in part in accordance with the provisions of the article 1.526 Civil Code. The transfer of ownership of the mortgage that guarantees a credit or loan must be made in a public deed and registered in the Property Registry. The debtor will not be bound by said contract unless he is bound by his. The transferee will be subrogated in all the rights of the transferor. ")

Difference of the assignment of credit with other similar figures

Assumption of debt

The assumption of debt, although it has no express regulation, it is referenced in the Arts. 1203, 1205, 1206 and 1275 of the CCivil. It is another legal business through which, a new debtor assumes the debt of the previous one. This business, requires consent, both the original debtor and the new, as well as the creditor, so that the primitive debtor can be freed from debt.

The debt assumption contract does not extinguish the original obligation. You went up, because only the debtor is changed, provided this change is accepted by the creditor. Tacit or presumed consent is not allowed, it has to be an express consent, as it established the art. 1205 CCivil.

It is a figure that is opposed to the transfer of credits, for, in this case, a new debtor will occupy the position of the original debtor.

Within the assumption of debt, three modalities can be distinguished:

Expromisión

It consists of an agreement between the creditor and the new debtor, without the need for the consent or knowledge of the original debtor, for its full validity. This modality can be cumulative or liberatory.

Delegation

It consists of an agreement between the original debtor and the new debtor with the consent of the creditor. In this case, the primitive debtor, also called "delegative", agrees with a third party to pay the creditor of the debt, admitting the change of the obligated subject.

Cumulative assumption or reinforcement

In this case, the original debtor and the new debtor are placed together as joint debtors. There are no release effects for the primitive debtor, so there is no novation, but two identical obligations in solidarity regime. In this case, the creditor may demand the payment of the debt indistinctly from either of the two debtors.

Debt subrogation

Debt subrogation consists of a subjective novation of the obligation, changing the creditor, born a new obligation that, being identical to the previous one, except at the creditor, what happens to be another.

In the subrogation of the debt of the third party in the figure of the creditor, indicates the extinction of the original obligation, although it is replaced by the new, which is identical. It is produced by an agreement of wills between the original creditor, the new and the debtor. The debtor party may carry out the subrogation without the consent of the creditor when to pay the amount owed they have borrowed the money through a public deed. In this writing, it will be stated, not only the objective of it, but also in the payment letter, reference will be made to the origin of the amount paid, as it established the art. 1211 CCivil ("The debtor may make the subrogation without the consent of the creditor, when to pay the debt you have borrowed the money by public deed, stating its purpose in it, and stating in the payment letter the origin of the amount paid. ")

Also, the subrogation causes the credit with the attached rights to be transferred to the subrogated person, either against the debtor, against third parties, whether they are guarantors or holders of the mortgages (art. 1212 CCivil).

It is also possible the subrogation of mortgage loans, although it does not need consent from the original creditor, in case the money borrowed for the cancellation of the mortgage loan is recorded in a public deed, as well as the will to proceed to the subrogation of the debt in a new creditor.

Elements necessary for its validity

For the loan assignment to be valid, you need the following items:

  • Will: one of the essential elements for its validity is the common will of those who grant the loan assignment, namely, there must be an agreement between the original creditor, called "transferor", and the new creditor, called "transferee".
  • Consent: consent from the debtor is not necessary, not even your knowledge. The STS 874/2001, of 1 October He established that "The assigned debtor does not have to consent to the assignment business for it to be carried out. In front of him it has to be proven only by the one who claims the payment that was made, and no legal precept requires documentary as a constitutive form of the assignment or limits the repertoire of legal evidence to that. The date the assignment was made is for the indifferent debtor, Whatever it is, it will always be liable to the person who legally holds the credit. The assigned debtor is not someone to whom the legal business of assignment can cause harm, as required by art. 1526 For your application."

In fact, the art. 1158 CCivil states "Anyone can make the payment, whether or not you have an interest in complying with the obligation, I already know and approve it, or already ignored by the debtor. He who pays on behalf of another may claim from the debtor what he would have paid, not having done so against their express will. In this case, the debtor can only repeat what the payment would have been useful for. "

also STS 2 July 2008 He established that “(…) the assignment of credits can be made validly without prior knowledge of the debtor, and even in contract of his will, without the notification having any other scope than to oblige you with the new creditor, so that from the same, The payment made to the assignor and not to the assignee will not be considered legitimate, which is subrogated with legal fullness in the legal position of the one both in relation to the main obligation and with respect to the accessory obligations that in its guarantee had, if, constituted. "

Namely, al deudor, Generally, it does not matter who the creditor is. However, the creditor does care who the debtor is, because the satisfaction of your credit depends on it. The knowledge or consent of the debtor when assigning a loan from one creditor to another, not an element of validity, but of effectiveness against the debtor. The debtor can pay the original creditor and is released as long as he is not aware of the assignment of the credit. Only, if you are already aware of the assignment,  you will have to pay the new creditor to be released

In this sense, the STS 1873/1990, of 19 February 1993 I declare that "The loan assignment contract, as such bilateral business, mainly links the transferor and transferee subjects, such that the assigned debtor is not a party to the assignment business nor does he have to express any consent to it. (…) One, in accordance with the provisions of the Civil Code, the debtor who has no knowledge of the assignment pays the benefit to the original assigning creditor, is released from its obligation and nothing can claim the new creditor assignee (art. 1527); Yes it is, On the contrary, the assignee is aware of the assignment, It only releases the obligation if it pays the transferee. "

The STS 19 February 2004 also expressed that "The consent of the assigned debtor is not a requirement that affects the existence of the assignment, but it is outside the contract, and it is only necessary for the assignment to be effective, binding on the new creditor, while the simple bringing to your attention only has the purpose of preventing the release consented by art.. 1527 CCivil”.

  • Shape: in this legal business the freedom of form, as it established the art. 1278 CCivil and art. 51 Crcom.
  • Specialty of mortgage credits art 149 LH: in mortgage lending, the assignment of the credit must be done in a public deed, as required by the art. 149 LH, with the express knowledge of the debtor, in addition to registering in the Property Registry.

Effects of the assignment of credit

When a credit assignment is formalized, it produces effects between the parties that sign said legal business. The parties are bound to what was agreed in the assignment (art. 1091 CCivil). Since it is perfected, the parties are obliged to comply.

As main obligations of the parties, the assignee must honor its return. The assignor must transfer the credit, together with the rights attached to it, called "accessories" (art. 1907 CCivil), since the assignment of the credit implies the transmission of the principal, as well as all rights, guarantees, actions and accessory elements that surround it, although they can be excluded from the assignment (art. 1528 CCivil).

The art. 1529 CCivil states "He bona fide seller will be responsible for the existence and legitimacy of the credit at the time of sale, unless it was sold as doubtful; but not the solvency of the debtor, unless expressly stipulated, or that the insolvency was prior and public. Even in these cases, it will only be liable for the price received and the expenses expressed in the first number of the art. 1518 CCivil. The bad faith seller will always be liable for the payment of all expenses and damages. "

In the case of the transferor, the art. 1530 CCivil states that "When the transferor in good faith has been responsible for the solvency of the debtor, and the contracting parties had not stipulated anything about the duration of the responsibility, it will last only one year, counted from the loan assignment, if the deadline was already expired. If the credit is payable in term or term not yet due, liability will cease one year after expiration. If the credit consists of a perpetual income, the responsibility will expire after ten years, counted from the date of assignment. "

Against third parties, the effects that occur with the assignment of the credit from the date on which it must be taken by certain conformity to the Arts. 1218 and 1227 CCivil (art. 1526 CCivil). In case of referring to a property, from the date of its registration in the Property Registry (art. 1526.2 CCivil).

Types of credit transfers

Within the assignment of credit, several classes can be distinguished:

Assignment in guarantee

This type of credit assignment supposes that the assignor gives the assignee a credit with a guarantee of an obligation subscribed between both. Ensures, in case of default, that the third party will pay the transferee, without being a real guarantee.

Assignment for payment

It is a contract through which the assignee is assigned to pay an obligation, the credit rights derived from the primitive contract, fulfilling a function of payment of a previous pre-existing obligation at the time of the assignment of the credit.

Purchase of credits

In this case, the transferor transmits to the transferee all, the part, of the credit rights of a contract signed between the first and a third party.

Contract purchase

It involves the transmission of all the effects of the assignment of the original contract, without being replaced by a later one. It is like a subrogation of a creditor in the place of the original creditor in all rights and obligations.

Assignment of disputed credits

The art. 1535 CCivil states "A credit will be considered litigious as soon as the claim relating to it is answered." If a disputed credit is sold, the debtor has the right to extinguish, reimbursing the assignee the price paid, costs that he had occasioned the price and interest from the day it was satisfied.

Assignment of mortgage loans

This type of assignment is regulated in the Arts. 1878 CCivil and 149 a 152 LH. "The mortgage loan can be sold or assigned to a third party in whole or in part, with the formalities required by law. " (art. 1878 CCivil). For his part, the art. 149 LH It requires the public deed and registration in the property registry for the transfer of the mortgage right.

Assignment with recourse and without recourse

Assignment with recourse

This type of credit assignment supposes that, in case of non-payment of the loan that was assigned, it is the original creditor who is responsible for the debt. Credit is transmitted, but the debt is not extinguished (assignment “pro solvendo).

Transfer without recourse

When the new creditor, called "transferee", cannot go against the original creditor in case of default, having to go against the assigned debtor. In this case, the credit is transmitted and the debt is extinguished (“pro soluto” assignment).

Special assignments

There are several assignments of credit considered special due to the nature of the object on which it falls:

Assignment of all certain rights, income or products

In this case, Article. 1532 CCivil establece que “El que venda alzadamente o en globo la totalidad de ciertos derechos, income or products will comply with responding to the legitimacy of the whole in general; but it will not be obliged to clean up each of the parts of which they are composed, except in the case of eviction of the whole or most of it. "

 Transfer of hereditary rights

Sucede en el caso de la venta de una herencia. The art. 1531 CCivil establece que “El que venda una herencia sin enumerar las cosas de que se compone, He will only be obliged to answer for his status as heir. "

For his part, the art. 1533 CCivil regula que “Si el vendedor se hubiese aprovechado de algunos frutos o hubiese percibido alguna cosa de la herencia que vendiere, deberá abonarlos al comprador si no se hubiese pactado lo contrario.”

Last, the art. 1534 CCivil reflects that “El comprador deberá satisfacer al vendedor todo lo que éste haya pagado por las deudas y cargas de la herencia y por los créditos que tenga contra la misma, unless otherwise agreed. ”

Global assignment of assets and liabilities

The Law 3/2009, of 3 April, sobre modificaciones estructurales de las sociedades mercantiles, establishes in his art. 81 that “Una sociedad inscrita podrá transmitir en bloque todo su patrimonio por sucesión universal, to one or more partners or third parties, in exchange for a consideration that may not consist of shares, participations or membership fees of the transferee. The transferor company will be extinguished if the consideration is received totally and directly by the partners.. In any case, the consideration received by each partner must respect the rules applicable to the settlement fee. "

Assignment of mortgage loans

The art. 2 Act 2/1981, of 25 March, regulation of the mortgage market, states “Las entidades de crédito que, then, They will be able to grant loans and credits and issue the titles that are regulated by this Law, in the conditions that are determined by regulation (…).”

Main legal problems posed by the assignment of credits

procedural matters

Active legitimation who has the right to claim?

En caso de que el acreedor interponga demanda de reclamación de la cuantía debida por el deudor, ya sea en procedimiento monitorio, ordinario o verbal, si no se aporta el contrato de la cesión del crédito o el documento pertinente, el deudor puede alegar una falta de legitimación activa, pues dicho contrato es el que legitima al cesionario para ejercer la reclamación de la cuantía adeudada.

The Sentence 345/2013, of 13 September, dictada por la Sección 5ª de la Audiencia Provincial de Las Palmas He established that “(…) Es acertada la consideración del Juez a quo de que la legitimación para formular la demanda origen del presente procedimiento tiene por presupuesto la acreditación de la cesión del crédito verificada por la entidad bancaria (assignee) a favor de la aquí demandante (debtor), lo cual no ha acontecido en las presentes actuaciones, limitándose la parte actora a aportar una certificación emitida por ella misma, la cual ha sido objeto de impugnación, y además no ha aportado el contrato de cesión en cuestión a pesar de que ha tenido dos momentos para ello pues desde el escrito de oposición al monitorio.

No se ha causado indefensión alguna a la cesionaria ya que ha sido su falta de diligencia la que le ha impedido proponer adecuadamente la prueba de la que pretendía servirse en juicio verbal, primero porque junto con la demanda inicial de juicio monitorio, ya debió aportar la documental acreditativa de la cesión a su favor, del contrato firmado por el deudor con la entidad cedente, así como del saldo deudor de dicho contrato (…).

Recapitulando se obtiene que la parte actora no ha acreditado ser titular del derecho de crédito en virtud de cesión contractual, pues dicha cesión, cuestionada de contrario, no basta con alegarla y tratar de justificarla con una certificación de la propia entidad actora (…).”

Nullity of the loan assignment

Normally, los cesionarios son entidades denominadas “vulture funds”. Cuando en el contrato de cesión aparezca una cláusula de renuncia a la notificación de la cesión del crédito a un tercero es nula, and, therefore, la reclamación de la cuantía, also.

Litigation credit portrait

Por retracto de un crédito litigioso se entiende la facultad del deudor para poder extinguir su crédito cuando se haya cedido por un precio a un tercero, debiéndose reembolsar al cesionario el precio que pagó, más las costas e intereses.

Para poder ejercitar la acción de retracto el crédito debe estar en litigio en el momento de la cesión del mismo, sin haber aún sentencia firme donde se declare por el juez que es un crédito existente y exigible.

La jurisprudencia ha establecido una serie de presupuestos para que el retracto se pueda ejercitar:

  1. Que exista venta o transmisión de un crédito.
  2. Que sea litigioso.
  3. Que la acción de retracto se ejerza en el plazo de 9 days.
  4. Que se proceda al pago o consignación de las cuantías por las que se cedió el crédito.

Credit securitization

La titulización de créditos se regula por primera vez en España en Act 19/1992, of 7 July, sobre Régimen de Sociedades y Fondos de Inversión Inmobiliaria y sobre Fondos de Titulización Hipotecaria. La titulización es un mecanismo que se utiliza por entidades de crédito con el objetivo de obtener liquidación y financiación, estructurando la cesión de los créditos (assets) que son titularidad de dicha entidad, como cedente, a un tercero, que será un inversor, a través de un Fondo de Titulización a través de elevar el contrato a escritura pública.

Ultimately, lo que pretenden estas entidades es mejorar su solvencia y obtener liquidez para poder continuar con su actividad y conceder préstamos a sus clientes.

The art. 1 Royal Decree 926/1998, of 14 May, por el que se regulan los fondos de titulización de activos y las sociedades gestoras de fondos de titulización provided that “Los fondos de titulización de activos son patrimonios separados, carentes de personalidad jurídica, integrados, en cuanto a su activo, por los activos financieros y otros derechos (onwards, assets) que agrupen y, en cuanto a su pasivo, por los valores de renta fija que emitan y por préstamos concedidos por entidades de crédito.”

Now, la vigente Law 5/2015, of 27 April, de fomento de la financiación empresarial regula la titulización en los articles 15 ff. The art. 15 states “Los fondos de titulización son patrimonios separados, carentes de personalidad jurídica, con valor patrimonial neto nulo, integrados: a) En cuanto a su activo, por los derechos de crédito, presentes o futuros, que agrupen de conformidad con lo previsto en el artículo 16 and, b) en cuanto a su pasivo, por los valores de renta fija que emitan y por los créditos concedidos por cualquier tercero.”

The titulización es denominada “cesión atípica”, porque no es una cesión total o parcial del crédito titulizado o de su resultado económico. No es un contrato de cesión como mecanismo de transferencia del crédito, sino que es un título intermedio, pues el Fondo de Titulización, al carecer de personalidad jurídica y ser administrado por una entidad gestora, tanto la titulización como la custodia y administración de los créditos y préstamos, seguirá correspondiendo a la entidad de crédito primitiva, obligada a realizar todos los procedimientos necesario para su efectividad. En el caso de las titulizaciones hipotecarias, la entidad bancaria primitiva sigue apareciendo como titular de la garantía hipotecaria en el ámbito registral (Registro de la Propiedad).

Active legitimacy to claim the credit

La legitimación activa en la titulización corresponde a la entidad prestamista, no al Fondo, pues este carece de personalidad jurídica. Al no producirse una cesión en la titularidad del crédito, pues la titulización es un mecanismo financiero que permite a la entidad prestamista protegerse de un posible impago del crédito por el deudor por insolvencia, sin transmitirse “stricto sensu”, la entidad prestamista conserva la legitimación, tanto activa como pasiva del crédito.

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