Paragraph 1: Provisions common to all financing bodies

When receivables, other than financial instruments, are transferred to the financial institution, their recovery continues to be ensured by the transferor or by the entity that was responsible for them prior to their transfer under conditions defined either by an agreement with the institution's management company, or by the deed from which the transferred receivables arise when the institution becomes a party to that deed as a result of the transfer of the said receivables. However, at any time, all or part of the recovery of these receivables may be carried out directly by the management company in its capacity as legal representative of the entity or may be entrusted by it, by agreement, to another entity designated for this purpose.

The management company, as the legal representative of the entity, may also directly collect any debt resulting from a loan granted by it or may at any time entrust all or part of the collection by agreement to another entity designated for this purpose.

In the event of a change in the entity responsible for collection pursuant to the first and second paragraphs, each debtor concerned shall be informed of this change by any means, including by judicial or extrajudicial act.

Similarly, the management company may, by means of an agreement, entrust any entity designated for this purpose with the management and collection of any assets other than the receivables and loans mentioned in the same first and second paragraphs, or it may take charge of this directly.

Receivables that constitute financial instruments are managed and recovered in accordance with the rules applicable to the financial instruments concerned.

Notwithstanding the first paragraph of Article L. 214-183, in all cases where all or part of the management or recovery of any asset is not carried out directly by the management company but by a third party entity in application of this article, this entity may directly represent the undertaking in all legal actions relating to the management and recovery of the assets, including any declaration of claim and any enforcement measure, without the need for it to obtain a special mandate for this purpose or to mention the management company in the deeds. The management company, in its capacity as the legal representative of the organisation, retains the right to act in the name and on behalf of the organisation, as plaintiff or defendant, in respect of these actions or to perform any act or sign any document with any third party, including debtors or borrowers, in connection with the management or recovery without it being necessary to terminate or denounce the management or recovery mandate beforehand or to inform any third party whatsoever.

The provisions of this Code and of the Code of Civil Enforcement Procedures relating to amicable collection on behalf of third parties and, where applicable, those relating to payment services, are not applicable.

The General Regulation of the Autorité des marchés financiers shall specify the terms and conditions for the application of this article.