Assignment of Receivables: Ruling No. 9479 of 2024 Clarifies Ancillary Rights

Ruling No. 9479 of April 9, 2024, issued by the Court of Cassation, addresses a matter of significant importance in civil law: the assignment of receivables and the concept of "other accessories." This decision not only confirms previous jurisprudence but also offers food for thought on how rights and benefits connected to the assigned receivable should be considered.

The Notion of "Other Accessories" in the Assignment of Receivables

According to Article 1263, paragraph 1, of the Civil Code, the receivable transferred to the assignee includes not only privileges and guarantees but also "other accessories." The Court has clarified that these accessories are to be understood as all those benefits arising from the exercise of the assigned right. This means that any element that does not have autonomy but is intrinsically linked to the right itself is included in the object of the assignment.

Effects of Assignment - Transferred "Other Accessories" - Notion - Factual Circumstances. In the context of the assignment of receivables, the provision of Article 1263, paragraph 1, of the Civil Code, which states that the receivable is transferred to the assignee, along with privileges and real and personal guarantees, also with "other accessories," must be understood to mean that the object of the assignment includes the sum of the benefits that the creditor can derive from the exercise of the assigned right, i.e., any situation directly connected with the right itself, which, by lacking autonomous aspects, constitutes its economic content or specifies its function. (In this case, the Supreme Court confirmed the appealed judgment which had considered the right to avail oneself of the express termination clause contained in a settlement agreement concluded by the assigning creditor with the debtor to be included in the object of the assignment, as it was not an autonomous right but a benefit inherent in the exercise of the receivable).

Practical Implications of the Ruling

The decision of the Court of Cassation has important implications for legal professionals and companies operating in the credit market. In particular, some key aspects can be outlined:

• Clarity in assignment agreements: It is crucial that receivable assignment agreements clearly specify which accessories and benefits are included in the transfer.
• Credit valuation: When valuing a receivable for assignment, it is necessary to consider not only its nominal value but also the accessories that may influence its economic worth.
• Dispute management: The jurisprudence confirmed by the ruling offers useful tools for resolving any disputes related to receivable assignments, making the rights and expectations of the parties involved more transparent.

Conclusions

Ruling No. 9479 of 2024 by the Court of Cassation represents a significant step forward in understanding the assignment of receivables and the rights connected thereto. Clarifying the notion of "other accessories" not only helps protect the assignee's rights but also offers greater legal certainty in the credit market. It is essential for industry professionals to keep their knowledge and practices updated on these matters to ensure effective management in compliance with current regulations.