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Security for Payment of Credits Covered by ECAs

In: Export Credit Insurance and Guarantees

Author

Listed:
  • Zlatko Salcic

Abstract

Exporters and banks frequently request security for payment of a credit when entering into commercial and loan contracts with foreign buyers. Foreign buyers also know the importance of security and are often willing to provide security for payment of their credits. In most export credit transactions, security is provided in the form of a non-possessory pledge over the asset purchased on credit terms, but it can come in other forms and in other assets owned by a foreign buyer. The reason behind taking security over the asset purchased on credit terms is that the creditor, who paid for the asset by providing the credit, should have a better right to the asset than other creditors of the foreign buyer. Third parties may provide security for payment of a foreign buyer’s credit, either by issuing a guarantee or by providing security in their own assets.

Suggested Citation

  • Zlatko Salcic, 2014. "Security for Payment of Credits Covered by ECAs," Palgrave Macmillan Books, in: Export Credit Insurance and Guarantees, chapter 17, pages 152-159, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-36681-8_17
    DOI: 10.1057/9781137366818_17
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