نوع مقاله : مقاله پژوهشی
نویسنده
استادیار، گروه حقوق، دانشکده علوم اداری و اقتصاد، دانشگاه اصفهان، اصفهان، ایران
چکیده
کلیدواژهها
موضوعات
عنوان مقاله [English]
نویسنده [English]
The Productive Credit Certificates (PCCs), known as “GAM” in Persian, were introduced in 2019 by a resolution of the Money and Credit Council to expand financing instruments for the production supply chain. These certificates are issued against a real and existing debt owed by the debtor to the applicant, with a financial institution acting as both agent and guarantor, undertaking payment at maturity. PCCs can be held until maturity, transferred along the supply chain, or traded on the capital market by the beneficiary.
This study examines the legal nature of PCCs and the obligations of the parties involved, using a descriptive-analytical method. The Central Bank of Iran’s standardized “Agency and Guarantee Agreement” relies on Article 10 of the Civil Code; however, the concept of guarantee within this framework remains ambiguous, and existing interpretations fail to address its complexities.
By analyzing the Central Bank’s directives and underlying legal principles, this paper argues that the notion of a “commitment to payment” better explains the legal nature of this guarantee type. It also justifies off-balance-sheet registration of PCCs and the principle that defenses arising from underlying contractual relationships cannot be raised against the holder. Determining the legal nature allows precise identification of governing rules, including registration of issuance and transfer in designated systems, the obligor’s payment obligation at maturity, compliance with statutory transfer restrictions, and mandatory cash sale of certificates.
These findings resolve substantive and procedural ambiguities and strengthen legal and regulatory frameworks, thereby enhancing transparency and predictability in practice.
کلیدواژهها [English]
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