Securitisation 2018

1. RECEIVABLES CONTRACTS

1.1 Formalities. In order to create an enforceable debt obligation of the obligor to the seller: (a) is it necessary that the sales of goods or services are evidenced by a formal receivables contract; (b) are invoices alone sufficient; and (c) can a binding contract arise as a result of the behaviour of the parties?

(a) Under Greek law, it is not necessary for the creation of an enforceable debt obligation of the debtor that a sale of goods or the provision of services is evidenced by a formal receivables contract, unless otherwise provided by law (see article 158 of the Greek Civil Code - GCC). Examples of such formality requirement may be found in the field of regulated financial services, consumer protection legislation or in respect of real property transfer.