Henan Qichun Oil Distribution Services Group Co., Ltd. v. Yan’an Branch of Industrial and Commercial Bank of China Limited, and Shaanxi Baojiang Petroleum and Chemical Co., Ltd. and Liu X (Defendants in the First Instance)
摘要
Assignment of the accounts receivable is the essential feature of factoring distinguishing from other financial services. In a factoring transaction, the accounts receivable to be assigned serve as the consideration for factoring funds rather than as the collateral, while in a transferring guarantee transaction, the assignment of properties is to provide a guarantee for contract performance rather than to transfer the said properties.