Co-written by Adriana Gödel Stuber
On May 30, 2001, the Brazilian Monetary Council approved new rules regarding credit assignments in Brazil, which are now consolidated by means of Resolution number 2836 issued by the Central Bank of Brazil ("Bacen"). Pursuant to such Resolution, financial institutions duly licensed by Bacen to operate in Brazil are expressly authorised to assign to other institutions of the same nature credits arising out of loan, financing and leasing transactions. The negotiation of other types of credit documents is also allowed, such as bank credit certificates, mortgage certificates and rural, commercial, industrial and export credit certificates and notes. Furthermore, Brazilian leasing companies may assign to other Brazilian leasing companies and financial institutions their credit rights arising out of leasing agreements. Such credit assignments may be effected with or without co-obligation of the assignor.
