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CHAPTER 1 — General Provisions ring in Cameroon. (2) Factoring shall be practised by cre- dit establishments approved by the monetary authority with the assent of the Central African Banking Commission. shall apply in this law and its instru- ments of implementation: - adherent: enterprise which assigns its short term trade receivables to a factor for payment at an agreed date; - factoring: a transaction whereby an adherent, through a fixed term written subrogation agreement, assigns its receivables to a factor who, against a consideration, advances all or part of the amount of the receivables assigned, whether or not bearing the risk of insol- vency of the receivables assigned, depending on the agreement between the parties; - factoring with recourse: factoring agreement whereby the factor is entit- led to reimbursement by the adherent in the event of debtor insolvency; UBLIQUE DU CAMEROUN 15 mai 2014 - factoring without recourse: factoring agreement whereby the adherent pro- vides the factor no guarantee against debtor insolvency; - factor: credit establishment which habitually engages in factoring trans- actions; - debtor: customer of the adherent whose commercial debt is the subject of a factoring transaction; - subrogation receipt: document or deed which constitutes material evidence of the factor's subrogation of the rights of the adherent in a factoring contract.
CHAPTER 2 — Conclusion and Effects of a Factoring Contract shall be a private agreement or an ins- trument drawn up by a solicitor. (2) It shall take effect from the date of its signature by the parties for private agreements and from the date of regis- tration for instruments drawn up by a solicitor. (3) To be enforceable against third par- ties, it must be published in the Trade and Personal Property Credit Register of the adherent's registered office. contract takes effect, the adherent shall assign to the factor all or part of his eligible and available receivables which are not under a factoring contract with another factor, or mort- gaged to a third party. He shall subro- gate the factor to all his rights, actions or guarantees attached to the assigned receivables. (2) The assignment referred to in summary statement of the invoices issued to the same customer and vali- dated by mutual agreement. (3) The adherent shall issue to the fac- tor, a subrogation receipt indicating the amount of the receivables underREPUBLIC OF CAMEROON 15th May 2014 (2) In the event of debt assignment, the factoring contract may stipulate that the adherent stand surety for the assi- gned debtor(s).
CHAPTER 2 — Conclusion and Effects of a Factoring Contract shall be a private agreement or an ins- trument drawn up by a solicitor. (2) It shall take effect from the date of its signature by the parties for private agreements and from the date of regis- tration for instruments drawn up by a solicitor. (3) To be enforceable against third par- ties, it must be published in the Trade and Personal Property Credit Register of the adherent's registered office. contract takes effect, the adherent shall assign to the factor all or part of his eligible and available receivables which are not under a factoring contract with another factor, or mort- gaged to a third party. He shall subro- gate the factor to all his rights, actions or guarantees attached to the assigned receivables. (2) The assignment referred to in summary statement of the invoices issued to the same customer and vali- dated by mutual agreement. (3) The adherent shall issue to the fac- tor, a subrogation receipt indicating the amount of the receivables under UBLIQUE DU CAMEROUN 15 mai 2014 the factoring contract, together with supporting documents. (4) The receipt referred to in Section 6(3) above shall be notified to the assi- gned debtor within 10(ten) days of its signature to inform him of the exis- tence of a factoring contract between the creditor and the factor. (5) The adherent shall provide the fac- tor with guarantee against any profes- sional or technical disputes concerning the receivables under a factoring contract.