托底型回购合同的风险转嫁机理

Risk Transfer Mechanism of Backup Repurchase Contract

融资租赁回购合同中,在第三人迟延履行债务等条件成就时,回购权利人可以选择要求回购义务人支付回购价款。商品房按揭贷款回购合同与之类似。此类合同的本质在于回购权利人将第三人不履行债务的风险转嫁给回购义务人,换言之,回购义务人为回购权利人对第三人的债权利益进行托底,故可称为托底型回购合同。托底型回购合同的权利义务构造与保证合同存在重大差异,不应适用或类推适用有关保证合同的规则。托底型回购合同在不同情况下可为债权让与、合同权利义务概括移转、买卖、约定形成权等多个模块的不同组合。托底型回购合同为分期履行债务关系中的债权人提供了一种在交易遭遇变故时将其在交易中的全部财产权益打包转让出去、迅速退出这一交易的新机制,对于鼓励交易、促进资金融通和商品销售具有独特价值。

In a financial leasing repurchase contract,the repo obligee has the right to demand the obligor to pay the repurchase price when such conditions as delayed performance of obligation by the third party are met.The same is true for the commercial housing mortgage loan repurchase contract.The essence of such contracts is that the repo obligee transfers the risk of the third party’s default to the obligor.In other words,a repurchase contract is the backup of a repo obligee for his obligatory right to the third party,so it can be called"repurchase contract as a backup",which is very different from a guarantee contract.Therefore,the rules for a guarantee contract should not be applied directly or by analogy in a repo case.In fact,a repurchase contract as a backup can be a combination of multiple modules,including assignment of obligatory right,simultaneous transfer of contractual rights and obligations,sales,and agreed right of formation.It provides a new mechanism for the creditors in an installment contract to leave without any trouble when the transaction encounters frustration.