第六章 美國法上對於真實買賣問題之回應-安全港條款
第三節 美國相關州法
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288。
第三節 美國相關州法
為了防範破產法院法官可能將證券化重新定性為擔保貸款之風 險，美國證券化產業曾嘗試推動修改美國破產法，使證券化資產可以 排除於債務人之破產財團。換言之，使證券化交易可以排除司法審 查。然而上述之努力，並不成功。其理由在於，資產證券化與安隆利 用 SPE 進行假交易類似，已如上述。不過，美國證券化產業在聯邦法 上之推動安全港條款雖遭遇挫折，但仍在幾個州成功針對資產證券化 之資產移轉議題，建構出安全港條款。以下茲就相關州法之規定，介 紹如下：
第一項 德拉瓦州之資產擔保證券流動法（Asset-Backed Securities Facilitation Act,1.17.2002）
於 2002 年 1 月 17 日，德拉瓦州（DELAWARE）州議會針對證券化 財產，在德拉瓦州法第六篇中增訂了第 27A 章「資產擔保流動法」
(Asset-Backed Securities Facilitation Act)。州議會之目的在於 使證券化交易可從寬解釋289。依第 2703A 條之規定290：
288 See Stephen J. Lubben, BEYOND TRUE SALES: SECURITIZATION AND CHAPTER 11, 1 N.Y.U. J. L. & Bus. 89, pp89-90(Fall, 2004)
289 Section 1. Amend Title 6 of the Delaware Code by adding a new chapter to read as follows:
Chapter 27A. Asset-Backed Securities Facilitation Act.
2701A. Title. This Act may be referred to as the "Asset-Backed Securities Facilitation Act".
2702A. Intent. It is intended by the General Assembly that the term "securitization transaction" shall be construed broadly.
290 See DE LEGIS 214 (2002) 2703A. Securitization transaction.
(a) Notwithstanding any other provision of law including, but not limited to, Sections 9-506 of this title 'Debtor's right to redeem collateral' as said section existed prior to July 1, 2001, and 9-623 of the title, 'Right to redeem collateral' that became effective July 1, 2001, to the extent set forth in the
transaction documents relating to a securitization transaction:
(1) Any property, assets or rights purported to be transferred, in whole or in part, in the securitization transaction shall be deemed to no longer be the property, assets or rights of the transferor;
(2) A transferor in the securitization transaction, its creditors or, in any insolvency proceeding with respect to the transferor or the transferor's property, a bankruptcy trustee, receiver, debtor, debtor in possession or similar person, to the extent the issue is governed by Delaware law, shall have no rights, legal or equitable, whatsoever to reacquire, reclaim, recover, repudiate, disaffirm, redeem or
recharacterize as property of the transferor any property, assets or rights purported to be transferred, in whole or in part, by the transferor; and
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（a） 既使法律之其他規定，包括但不限於2001年7月1日已存在之「債 務人對擔保物之買回權」篇第9-506條，與於2001年7月1日生效 之「擔保物買回權」篇第9-623條之規定，關於證券化交易之交 易文件所表示之範圍內：
（1） 在證券化交易下，任何財產權、資產或權利之全部或一部經 聲明已移轉時，視為非讓與人之財產權、資產或權利。
（2） 在證券化交易下，於讓與人或讓與人財產之破產程序範圍 內，適用德拉瓦州法。即於讓與人聲明資產或權利之全部或 一部已移轉時，讓與人、讓與人之債權人、破產受託人、破 產管理人、債務人、擁有控制權之債務人或其他類似之人，
在普通法與衡平法下，並無權利重新取得、恢復、獲得補償、
拒絕履行義務、撤銷、買回或重新定性讓與人之財產。及
（3） 若讓與人或讓與人之財產發生有關破產、破產管理或其他破 產程序時，適用德拉瓦州法律，即該財產、資產或權利不被 視為讓與人之財產、資產、權利。
（b） 本章之適用限於破產、破產管理或其他破產程序中，關於讓與 人或其財產，讓與人、假定有留置權之債權人、破產受託人、
破產管理人、債務人、具有控制權之債務人或其他相類似之人。
但不包括為了聯邦或州之稅法目的，要求所有證券化交易均視 為買賣，或阻止證券化交易被視為融資，或改變有關設定與優 先擔保或個人所有權益之法律適用。蓋本章之目的並非改變證 券化之稅賦適用。換言之，交易之定性雖然透過法律以文件聲 明加以確定，但有關賦稅問題，則仍由稅務機關實質認定，是
(3) In the event of a bankruptcy, receivership or other insolvency proceeding with respect to the transferor or the transferor's property, to the extent the issue is governed by Delaware law, such property, assets and rights shall not be deemed to be part of the transferor's property, assets, rights or estate.
(b) Nothing contained in this chapter shall be deemed to require any securitization transaction to be treated as a sale for federal or state tax purposes or to preclude the treatment of any securitization transaction as debt for federal or state tax purposes or to change any applicable laws relating to the perfection and priority of security or ownership interests of persons other than the transferor,
hypothetical lien creditor or, in the event of a bankruptcy, receivership or other insolvency proceeding with respect to the transferor or its property, a bankruptcy trustee, receiver, debtor, debtor in possession or similar person.
It is not the purpose of this Chapter to change the tax treatment of securitizations that take place pursuant to this Chapter.
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291 Section 2. Any Act which becomes effective after the effective date of this Act shall not be construed to amend or repeal any provision of this Act unless the subsequent Act specifically references this Act and states that this Act is repealed or states the manner in which this Act is to be amended. Without limiting the foregoing, 72 Del. Laws, c. 401 does not amend or repeal any provision of this Act
292 Section 3. If any provision of this Act or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of the Act which can be given effect without the invalid provision or application and, to that end, the provisions of the Act are declared to be severable.
293 Section 4. All laws or parts of laws which conflict with this Act are hereby repealed.
294 See R.C. § 1109.751109.75
(A) Notwithstanding any other provision of law, to the extent set forth in the transaction documents relating to a securitization:
(1) Any property, assets, or rights purported to be transferred, in whole or in part, in a securitization shall be deemed to no longer be the property, assets, or rights of the transferor.
(2) A transferor in a securitization, the transferor's creditors, or a bankruptcy trustee, receiver, or similar person in an insolvency proceeding involving the transferor shall have no rights whatsoever to reacquire, reclaim, recover, redeem, or recharacterize as property of the transferor any property, assets, or rights purported to be transferred, in whole or in part, by the transferor.
(3) In the event of the transferor's bankruptcy, receivership, or other insolvency proceedings, the property, assets, or rights purported to have been transferred by the transferor, in whole or in part, in a securitization shall not be deemed to be part of the transferor's property, assets, rights, or estate.
(B) Nothing contained in this section shall be deemed to require any securitization transaction to be treated as a sale for federal or state tax purposes or to preclude the treatment of any securitization transaction as a debt for federal or state tax purposes.
(C) As used in this section, “securitization” means a transfer of financial assets by a financial institution insured by the federal deposit insurance corporation (FDIC) to a special purpose entity established to issue securities supported by the financial assets to investors.
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（A）既使有其他法律另有規定，關於證券化於交易文件所提及之範 圍內：
（1）在證券化中，全部或一部之財產、資產或權利表示被移轉 時，將不再視為讓與人之財產、資產或權利。
（2）在證券化交易下，涉及讓與人之破產程序，讓與人之債權 人、破產受託人、破產管理人或其他類似之人，任何讓與 人聲明已移轉之讓與人全部或一部之財產、資產或權利讓 與人之財產，並無權利重新取得、恢復、獲得補償、拒絕 履行義務、買回或重新定性295。
（3）若讓與人發生破產、破產管理或其他破產程序時，經聲明 讓與人已移轉之全部或一部之財產、資產或其他權利，在 證券化中，該財產、資產或權利不再被視為讓與人之財產、
資產、權利。
（B）本條不包括為了聯邦或州之稅法目的，要求所有證券化交易視 為買賣或為了聯邦或州之稅法目的，阻止證券化交易視為融資。
（C）本條稱證券化“證券化”係指移轉金融資產之金融機構，已為 其所設立之特殊目的個體所發行之以金融資產為基礎之證券，
為了投資者對該金融資產向聯邦儲蓄保險公司投保。
第三項 德州商法典§ 9.109 (e）
於 2001 年 7 月，德州商法典(Business and Commerce Code)第 一篇第九章之統一商法典擔保交易§ 9.109 (e）中明定：適用本章之 帳款、動產文據、無實體支付、本票買賣，不可由買賣重新定性為擔 保債務，而是藉由通知登記制度來保護資產之購買者。為了這些目 的，在無詐欺或意圖誤導之情形時，當事人定性交易為買賣，該資產 應被認定為買賣而非擔保交易，且在普通法及衡平法下，該資產之所 有權已移轉至被定性為買方之人，而不論該有擔保權之當事人是否對
295與德拉瓦州法相比較，無法主張權利之主體，不包括擁有控制權之債務人，而無法主張之權利，
則不包括撤銷(disaffirm)。
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Securities Facilitation Act,9.12.2001）阿拉巴馬（Alabama）州議會在阿拉巴馬州法典(Code of Alabama) 第 35 篇中增訂了第 10A 章「資產擔保流動法」(Asset-Backed Securities Facilitation Act)。本法於於 2001 年 9 月 12 日生效通 過。其§ 35-10A-2.（移轉財產、資產等）規定297：
（a）既使法律之其他規定，包括但不限於Section 7-9-506 and Section 7-9A-623之規定，關於證券化交易之交易文件所表示
296 See V.T.C.A., Bus. & C. § 9.109
(e)The application of this chapter to the sale of accounts, chattel paper, payment intangibles, or promissory notes is not to recharacterize that sale as a transaction to secure indebtedness but to protect purchasers of those assets by providing a notice filing system. For all purposes, in the absence of fraud or intentional misrepresentation, the parties' characterization of a transaction as a sale of such assets shall be conclusive that the transaction is a sale and is not a secured transaction and that title, legal and equitable, has passed to the party characterized as the purchaser of those assets regardless of whether the secured party has any recourse against the debtor, whether the debtor is entitled to any surplus, or any other term of the parties' agreement.
297 See Ala.Code 1975 § 35-10A-2
§ 35-10A-2. Transfer of property, assets, etc.
(a) Notwithstanding any other provision of law including, but not limited to, Section 7-9-506 and Section 7-9A-623, to the extent set forth in the transaction documents relating to a securitization transaction:
(1) Any property, assets, or rights purported to be transferred, in whole or in part, in the securitization transaction shall be deemed to no longer be the property, assets, or rights of the transferor;
(2) A transferor in the securitization transaction, its creditors or, in any insolvency proceeding with respect to the transferor or the transferor's property, a bankruptcy trustee, receiver, debtor, debtor in possession, or similar person, to the extent the issue is governed by Alabama law, shall have no rights, legal or equitable, whatsoever to reacquire, reclaim, recover, repudiate, disaffirm, redeem, or
recharacterize as property of the transferor any property, assets, or rights purported to be transferred, in whole or in part, by the transferor; and
(3) In the event of a bankruptcy, receivership, or other insolvency proceeding with respect to the transferor or the transferor's property, to the extent the issue is governed by Alabama law, such property, assets and rights shall not be deemed to be part of the transferor's property, assets, rights, or estate.
(b) Nothing contained in this chapter shall be deemed to require any securitization transaction to be treated as a sale for federal or state tax purposes or to preclude the treatment of any securitization transaction as debt for federal or state tax purposes or to change any applicable laws relating to the perfection and priority of security or ownership interests of persons other than the transferor,
hypothetical lien creditor or, in the event of a bankruptcy, receivership, or other insolvency proceeding with respect to the transferor or its property, a bankruptcy trustee, receiver, debtor, debtor in possession, or similar person.
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之範圍內：
（1）在證券化交易下，任何財產權、資產或權利之全部或一部 經聲明已移轉時，視為非讓與人之財產權、資產或權利。
（2）在證券化交易下，於讓與人或讓與人財產之破產程序範圍 內，適用阿拉巴馬州法。即於讓與人聲明資產或權利之全 部或一部已移轉時，讓與人、讓與人之債權人、破產受託 人、破產管理人、債務人、擁有控制權之債務人或其他類 似之人，在普通法與衡平法下，並無權利重新取得、恢復、
獲得補償、拒絕履行義務、撤銷、買回或重新定性讓與人 之財產。及
（3）若讓與人或讓與人之財產發生有關破產、破產管理或其他 破產程序時，適用阿拉巴馬州法律，即該財產、資產或權 利不被視為讓與人之財產、資產、權利。
（b） 本章之適用限於破產、破產管理或其他破產程序中，關於讓與 人或其財產，讓與人、假定有留置權之債權人、破產受託人、
破產管理人、債務人、具有控制權之債務人或其他相類似之 人。但不包括為了聯邦或州之稅法目的，要求所有證券化交易
破產管理人、債務人、具有控制權之債務人或其他相類似之 人。但不包括為了聯邦或州之稅法目的，要求所有證券化交易