案例介紹

　　2024年3月，A公(gong)(gong)司(si)與XX商(shang)(shang)業(ye)(ye)(ye)保(bao)(bao)(bao)理(li)(li)有限公(gong)(gong)司(si)簽訂(ding)《反向保(bao)(bao)(bao)理(li)(li)合(he)作協議》，雙方約定：A公(gong)(gong)司(si)向XX商(shang)(shang)業(ye)(ye)(ye)保(bao)(bao)(bao)理(li)(li)公(gong)(gong)司(si)申(shen)請保(bao)(bao)(bao)理(li)(li)融(rong)資，由XX商(shang)(shang)業(ye)(ye)(ye)保(bao)(bao)(bao)理(li)(li)公(gong)(gong)司(si)為(wei)(wei)A公(gong)(gong)司(si)的(de)上游(you)供應(ying)(ying)商(shang)(shang)提供融(rong)資服務，XX商(shang)(shang)業(ye)(ye)(ye)保(bao)(bao)(bao)理(li)(li)公(gong)(gong)司(si)同意且(qie)確保(bao)(bao)(bao)應(ying)(ying)收(shou)賬款(kuan)到期(qi)時將(jiang)款(kuan)項(xiang)支(zhi)付(fu)給A公(gong)(gong)司(si)的(de)上游(you)供應(ying)(ying)商(shang)(shang)，以此取得(de)對A公(gong)(gong)司(si)的(de)應(ying)(ying)收(shou)賬款(kuan)1000萬元(yuan)。同時為(wei)(wei)保(bao)(bao)(bao)障(zhang)XX商(shang)(shang)業(ye)(ye)(ye)保(bao)(bao)(bao)理(li)(li)公(gong)(gong)司(si)對A公(gong)(gong)司(si)享有全部債權(quan)的(de)實現，A公(gong)(gong)司(si)同意以其所有的(de)“中海XX”輪(lun)和“海XX”輪(lun)向XX商(shang)(shang)業(ye)(ye)(ye)保(bao)(bao)(bao)理(li)(li)公(gong)(gong)司(si)提供抵(di)(di)押(ya)擔保(bao)(bao)(bao)，并(bing)簽訂(ding)《抵(di)(di)押(ya)合(he)同》。

　　案例分析

　　（一）債務(wu)人簽(qian)署的(de)《反向保(bao)理合作協議》是(shi)保(bao)理業務(wu)嗎(ma)？

　　《民法(fa)典》第(di)七(qi)百六十一條對保理合(he)(he)(he)同做出了定義(yi)：“保理合(he)(he)(he)同是應(ying)收(shou)賬(zhang)(zhang)款債權(quan)人(ren)將(jiang)(jiang)現(xian)有的(de)或(huo)者將(jiang)(jiang)有的(de)應(ying)收(shou)賬(zhang)(zhang)款轉讓給保理人(ren)，保理人(ren)提供資金融通(tong)、應(ying)收(shou)賬(zhang)(zhang)款管理或(huo)者催收(shou)、應(ying)收(shou)賬(zhang)(zhang)款債務人(ren)付款擔保等服務的(de)合(he)(he)(he)同。”

　　本案例是保(bao)理(li)業(ye)務(wu)的特殊類型-反向(xiang)保(bao)理(li)。天津(jin)市高(gao)級人民法(fa)院《關于(yu)審(shen)理(li)保(bao)理(li)合同糾紛案件若(ruo)干(gan)問題的審(shen)判委員(yuan)會紀要（一）》（津(jin)高(gao)法(fa)〔2014〕151號(hao)）明確(que)“反向(xiang)保(bao)理(li)指保(bao)理(li)商與(yu)規模較(jiao)大、資信較(jiao)好的買(mai)方達成協議，對于(yu)為其(qi)供貨、位(wei)于(yu)其(qi)供應(ying)鏈上的中小企業(ye)提供保(bao)理(li)業(ye)務(wu)”，并指出反向(xiang)保(bao)理(li)不是一種(zhong)具體產(chan)品或者(zhe)合同名稱，而(er)是一種(zhong)保(bao)理(li)營銷(xiao)策略和思路。

　　反(fan)向(xiang)保理(li)廣泛應(ying)用在(zai)供(gong)應(ying)鏈金融融資(zi)(zi)系統中，主要是(shi)聚焦供(gong)應(ying)商與核(he)心企(qi)(qi)業(ye)的(de)(de)貿(mao)易關系產生的(de)(de)應(ying)收賬款，借助核(he)心企(qi)(qi)業(ye)信用為核(he)心企(qi)(qi)業(ye)的(de)(de)供(gong)應(ying)商提供(gong)融資(zi)(zi)服務，以解決中小企(qi)(qi)業(ye)供(gong)應(ying)商融資(zi)(zi)難、融資(zi)(zi)貴、融資(zi)(zi)慢(man)的(de)(de)問題。

　　基本流程為：保(bao)(bao)理人首(shou)先(xian)與(yu)核心企(qi)(qi)業(ye)(ye)協(xie)商(shang)(shang)(shang)，確定(ding)由保(bao)(bao)理人為核心企(qi)(qi)業(ye)(ye)的(de)供(gong)(gong)(gong)(gong)(gong)應(ying)(ying)(ying)(ying)商(shang)(shang)(shang)提供(gong)(gong)(gong)(gong)(gong)保(bao)(bao)理融(rong)資。在供(gong)(gong)(gong)(gong)(gong)應(ying)(ying)(ying)(ying)商(shang)(shang)(shang)與(yu)核心企(qi)(qi)業(ye)(ye)簽訂協(xie)議并履行(xing)基礎合同中的(de)供(gong)(gong)(gong)(gong)(gong)貨(huo)義務(wu)后，核心企(qi)(qi)業(ye)(ye)將應(ying)(ying)(ying)(ying)收(shou)賬(zhang)款(kuan)(kuan)(kuan)單據交給者保(bao)(bao)理人，并確認(ren)將來會(hui)如期歸還貨(huo)款(kuan)(kuan)(kuan)。保(bao)(bao)理人將應(ying)(ying)(ying)(ying)收(shou)賬(zhang)款(kuan)(kuan)(kuan)情(qing)況告知供(gong)(gong)(gong)(gong)(gong)應(ying)(ying)(ying)(ying)商(shang)(shang)(shang)，并確認(ren)供(gong)(gong)(gong)(gong)(gong)應(ying)(ying)(ying)(ying)商(shang)(shang)(shang)是否(fou)辦理保(bao)(bao)理業(ye)(ye)務(wu)。供(gong)(gong)(gong)(gong)(gong)應(ying)(ying)(ying)(ying)商(shang)(shang)(shang)選擇將其對核心企(qi)(qi)業(ye)(ye)享(xiang)有的(de)應(ying)(ying)(ying)(ying)收(shou)賬(zhang)款(kuan)(kuan)(kuan)債權(quan)申請(qing)(qing)保(bao)(bao)理，保(bao)(bao)理人根據供(gong)(gong)(gong)(gong)(gong)應(ying)(ying)(ying)(ying)商(shang)(shang)(shang)的(de)申請(qing)(qing)，為供(gong)(gong)(gong)(gong)(gong)應(ying)(ying)(ying)(ying)商(shang)(shang)(shang)提供(gong)(gong)(gong)(gong)(gong)資金，并進行(xing)應(ying)(ying)(ying)(ying)收(shou)賬(zhang)款(kuan)(kuan)(kuan)管理及賬(zhang)款(kuan)(kuan)(kuan)收(shou)取等綜(zong)合性金融(rong)服(fu)務(wu)。應(ying)(ying)(ying)(ying)收(shou)賬(zhang)款(kuan)(kuan)(kuan)到期時(shi)，核心企(qi)(qi)業(ye)(ye)直(zhi)接向保(bao)(bao)理人支付(fu)款(kuan)(kuan)(kuan)項。

　　反向(xiang)(xiang)保(bao)理(li)的(de)(de)(de)(de)(de)(de)基礎運作邏輯與(yu)普(pu)通(tong)保(bao)理(li)的(de)(de)(de)(de)(de)(de)并無不同，只是在營(ying)(ying)銷(xiao)方(fang)(fang)向(xiang)(xiang)上(shang)有(you)所區別，即普(pu)通(tong)保(bao)理(li)的(de)(de)(de)(de)(de)(de)營(ying)(ying)銷(xiao)方(fang)(fang)向(xiang)(xiang)是賣方(fang)(fang)（上(shang)游供(gong)(gong)(gong)(gong)應(ying)(ying)鏈），而反向(xiang)(xiang)保(bao)理(li)的(de)(de)(de)(de)(de)(de)營(ying)(ying)銷(xiao)方(fang)(fang)向(xiang)(xiang)則是買方(fang)(fang)（核(he)心(xin)企(qi)業(ye)）。具(ju)體(ti)到本(ben)案例(li)，XX商(shang)(shang)業(ye)保(bao)理(li)有(you)限(xian)公(gong)司利用其牽頭打造(zao)的(de)(de)(de)(de)(de)(de)專屬的(de)(de)(de)(de)(de)(de)供(gong)(gong)(gong)(gong)應(ying)(ying)鏈金(jin)(jin)融(rong)服務(wu)平臺“XX E鏈”，通(tong)過應(ying)(ying)收賬(zhang)款類票據化，為(wei)(wei)(wei)核(he)心(xin)企(qi)業(ye)的(de)(de)(de)(de)(de)(de)供(gong)(gong)(gong)(gong)應(ying)(ying)商(shang)(shang)提供(gong)(gong)(gong)(gong)更(geng)加(jia)高(gao)效安全的(de)(de)(de)(de)(de)(de)自助(zhu)化、線(xian)上(shang)化供(gong)(gong)(gong)(gong)應(ying)(ying)鏈金(jin)(jin)融(rong)服務(wu)。如下圖(tu)(tu)所示，圖(tu)(tu)1為(wei)(wei)(wei)供(gong)(gong)(gong)(gong)應(ying)(ying)商(shang)(shang)與(yu)A公(gong)司簽訂具(ju)有(you)一定賬(zhang)期的(de)(de)(de)(de)(de)(de)供(gong)(gong)(gong)(gong)貨(huo)(huo)合同并履行基礎供(gong)(gong)(gong)(gong)貨(huo)(huo)義(yi)(yi)務(wu)后，A公(gong)司在“XX E鏈”平臺為(wei)(wei)(wei)供(gong)(gong)(gong)(gong)應(ying)(ying)商(shang)(shang)開具(ju)的(de)(de)(de)(de)(de)(de)應(ying)(ying)收賬(zhang)款憑證“XX E信”。圖(tu)(tu)2為(wei)(wei)(wei)供(gong)(gong)(gong)(gong)應(ying)(ying)商(shang)(shang)選擇(ze)將對A公(gong)司應(ying)(ying)收賬(zhang)款轉(zhuan)讓給XX商(shang)(shang)業(ye)保(bao)理(li)有(you)限(xian)公(gong)司，通(tong)過辦理(li)“XX E信”憑證貼現實現應(ying)(ying)收賬(zhang)款的(de)(de)(de)(de)(de)(de)融(rong)資變(bian)現。圖(tu)(tu)3為(wei)(wei)(wei)XX商(shang)(shang)業(ye)保(bao)理(li)有(you)限(xian)公(gong)司向(xiang)(xiang)供(gong)(gong)(gong)(gong)應(ying)(ying)商(shang)(shang)完(wan)成(cheng)賬(zhang)款支(zhi)付的(de)(de)(de)(de)(de)(de)交(jiao)易憑證，表明XX商(shang)(shang)業(ye)保(bao)理(li)有(you)限(xian)公(gong)司已履行應(ying)(ying)收賬(zhang)款轉(zhuan)讓的(de)(de)(de)(de)(de)(de)付款義(yi)(yi)務(wu)。

　　（二）一般(ban)抵押or最(zui)高額(e)抵押?

　　案(an)例中，A公司與保(bao)(bao)理(li)(li)(li)公司提交了(le)2024年3月15日(ri)簽(qian)(qian)署的(de)《反(fan)(fan)(fan)向(xiang)保(bao)(bao)理(li)(li)(li)合(he)作協(xie)議》和《抵(di)押合(he)同(tong)》（一般(ban)抵(di)押權(quan)）。并(bing)同(tong)時(shi)提交了(le)具體每筆應(ying)收(shou)賬款對應(ying)的(de)供(gong)應(ying)合(he)同(tong)和相關憑(ping)證(zheng)。經審(shen)查，多筆款項的(de)總金額與《反(fan)(fan)(fan)向(xiang)保(bao)(bao)理(li)(li)(li)合(he)作協(xie)議》約(yue)定債權(quan)數額一致(zhi)，但存在以下問題：一是部分供(gong)應(ying)合(he)同(tong)簽(qian)(qian)署時(shi)間(jian)晚于(yu)《反(fan)(fan)(fan)向(xiang)保(bao)(bao)理(li)(li)(li)合(he)作協(xie)議》簽(qian)(qian)署時(shi)間(jian)；二是實際發(fa)(fa)生(sheng)債權(quan)數額與供(gong)應(ying)合(he)同(tong)約(yue)定不(bu)一致(zhi)，且實際債權(quan)數額產生(sheng)時(shi)間(jian)晚于(yu)《反(fan)(fan)(fan)向(xiang)保(bao)(bao)理(li)(li)(li)合(he)作協(xie)議》簽(qian)(qian)署日(ri)期。不(bu)符合(he)一般(ban)抵(di)押權(quan)擔(dan)保(bao)(bao)的(de)是一個(ge)已經發(fa)(fa)生(sheng)的(de)債權(quan)的(de)情(qing)形。

　　那么XX商業保理(li)有限公(gong)司(si)該(gai)如何辦理(li)抵押權登記呢？

　　《民(min)法典》第(di)七百六十一(yi)條于法律層面承認(ren)了為未來(lai)(lai)應收(shou)賬(zhang)款做保(bao)理業務(wu)(wu)的(de)合(he)(he)法性(xing)。《民(min)法典》第(di)四百二十條“為擔(dan)(dan)保(bao)債(zhai)(zhai)(zhai)務(wu)(wu)的(de)履(lv)行(xing)，債(zhai)(zhai)(zhai)務(wu)(wu)人(ren)或者第(di)三(san)人(ren)對一(yi)定期(qi)間內將(jiang)要(yao)連(lian)續(xu)發(fa)生(sheng)(sheng)的(de)債(zhai)(zhai)(zhai)權(quan)提(ti)供擔(dan)(dan)保(bao)財(cai)產的(de)，債(zhai)(zhai)(zhai)務(wu)(wu)人(ren)不(bu)履(lv)行(xing)到期(qi)債(zhai)(zhai)(zhai)務(wu)(wu)或者發(fa)生(sheng)(sheng)當事人(ren)約定的(de)實現(xian)抵押權(quan)的(de)情形，抵押權(quan)人(ren)有權(quan)在最高債(zhai)(zhai)(zhai)權(quan)額(e)限度內就(jiu)該擔(dan)(dan)保(bao)財(cai)產優先(xian)受償”，規定的(de)最高額(e)抵押權(quan)擔(dan)(dan)保(bao)的(de)是在未來(lai)(lai)一(yi)段時(shi)間內可(ke)能(neng)連(lian)續(xu)發(fa)生(sheng)(sheng)的(de)債(zhai)(zhai)(zhai)權(quan)。就(jiu)本(ben)案(an)例，《反向保(bao)理合(he)(he)作協議》中(zhong)確(que)定了擔(dan)(dan)保(bao)的(de)債(zhai)(zhai)(zhai)權(quan)數額(e)，包含未來(lai)(lai)明確(que)的(de)一(yi)定期(qi)間將(jiang)要(yao)發(fa)生(sheng)(sheng)的(de)保(bao)理融(rong)資，債(zhai)(zhai)(zhai)務(wu)(wu)的(de)產生(sheng)(sheng)具有合(he)(he)理可(ke)期(qi)待性(xing)、連(lian)續(xu)性(xing)。符合(he)(he)最高額(e)抵押的(de)相應要(yao)求，此時(shi)簽(qian)署《最高額(e)抵押合(he)(he)同》應更為合(he)(he)適。

　　鑒登記機關

　　（一）保理(li)合同(tong)的審查(cha)

　　債(zhai)(zhai)權人(ren)與(yu)債(zhai)(zhai)務人(ren)之間(jian)的(de)(de)基礎交易(yi)合(he)(he)同(tong)是成立保理(li)(li)法律關系(xi)的(de)(de)前(qian)提，而債(zhai)(zhai)權人(ren)與(yu)保理(li)(li)人(ren)之間(jian)的(de)(de)應收(shou)賬款(kuan)債(zhai)(zhai)權轉(zhuan)讓(rang)則(ze)是保理(li)(li)法律關系(xi)的(de)(de)核心。保理(li)(li)融資是以應收(shou)賬款(kuan)合(he)(he)法、有效轉(zhuan)讓(rang)為前(qian)提的(de)(de)融資服務。因(yin)此除了(le)要(yao)審查保理(li)(li)合(he)(he)同(tong)一般條(tiao)款(kuan)的(de)(de)合(he)(he)法性外，還要(yao)審查保理(li)(li)合(he)(he)同(tong)項下的(de)(de)基礎交易(yi)合(he)(he)同(tong)或交易(yi)憑證的(de)(de)，以確(que)保應收(shou)賬款(kuan)債(zhai)(zhai)權產生(sheng)的(de)(de)合(he)(he)法、有效。

　　（二）抵押合(he)同的審(shen)查

　　保理合(he)(he)同可能包(bao)含未來將要(yao)(yao)產生的保理融資，因此(ci)要(yao)(yao)先根據主合(he)(he)同判斷抵押(ya)合(he)(he)同是(shi)否為最高額(e)抵押(ya)合(he)(he)同。再根據《民法典》第四百二十條，審(shen)查是(shi)否滿足最高額(e)抵押(ya)權(quan)的要(yao)(yao)求。