証券化の課題と検討 : 消費者金融の会社更生事件を契機として

(1)

証券化の課題と検討 : 消費者金融の会社更生事件 を契機として

著者宗田親彦

雑誌名明治学院大学法科大学院ローレビュー = Meiji

Gakuin University Graduate Law School law review

巻 1

号 1

ページ 67‑73

発行年 2004‑07

その他のタイトル Topics and Considerations of the Securitization

URL http://hdl.handle.net/10723/855

(2)

012345678

9

01233 !"#3$%&'()*+3,-.(/0 123345&*6789:;3<=>?

3@AB)C*DE3F')#GH IJK)LG2)MN*OP<QRSTH&U V)"&WC5X6YZO[*-2 3O[3"6X\][^*_["

I$%`a/01

+3`a* !"$%3bO[C6cd- 0123ef6Xghi/-jX10123 klm-*<QR*QR*nopR?*qrst u>?*vtw>?*xy>?*z{|}~>?*

J>?#*/g0123

I)X1

/-*83I2*

J3stu>?3 PX

*+35I)*0I )*

¡[¢R£¤MX¥ 34 5I78^¦§¨1

²³ §´µ¦¶··¸µ¨¹º ¸·»J

3¼½8¦¶···µ ¾º¿ÀÁ*Â

¿»ÃÄÅ¨&¢R)*ÆÇÈÉ3Ê ¶

66g£¤3ËÃIÌX*Íµ §§

º §»£¤ÎÏÐÑ&j¡Ò`1Í-*J

stu>?¦Ó Ô´·ÕÖ¨I012)X`1

×Ø>-8&Ó ¹Ô·ÕÖ¦ÙÚw&Ó

¶¾·ÕÖ¨*Û`>?-*JÜ33 Ý"I")X` ÞÌßÌ#/0`1à Úu6uz#&Jstuá"I8

)*8&+ÒâIãäJ) áå*YÒ38Ü3æç-èÛ3_é"

g3g0&*vê8ëuìá6X*

íÑ,¦îïð ´·ñÖO[ §··ñÖ¨ò/-óô

8O[æç3`a3"IèNY6&/

õöCjX`O[*>÷-Y3øù ò/èú))ò\Y6&45*Y3`a8 -3'û&üýa6X\g3/0`1

¢R3Ýþ-*-*ÞÌ&83012 )`>?3ÿ013ÿ23I4å5 6&W7/X`&*YÒ&89o,&N

^<9`Y6#/0&*+Ò PXC6*¹·µfJ-3 O[)*³I`g33Jst uáâ& ¶···µ ºÓ Ô···ÔO[Ó

¶¹¶UV¡Ò`¦"34úÒ*N

â#3N3¦X "¨´!¨Y 6Nâ"&#j5j`Y6*¹·µf$

%N&2(<'3`aèÛ`J3_

é(R&'()¦²³ §Ôµ/ ¶§ñ)**²³ §´µ - ¶Ôñ)*3üýC¨*stu>÷3æç&+`

Y66*ø,3vê8ëuìá3èN£-.

&#j5j`Y6¦èú,&ø,3øù,¦´·ñ ÖO[ §··ñÖ¨%)`>÷I/3230!

¡ä6X\g06X\1YÒ-1w23 j465ðÒX1¨#&¢R3Ýþ/06ü [Ò18-*èÛ/0>÷*æç"

¾

J36)I26)

789:;(:<(:;st{ë=t>? §@? §A¦BCA¨ ¶··Ôµ ¾D¾¸E

(3)

012345678946196 71012381 67867 !1"#$

%& '()1*+,8-1./+

0123456195-

6 789:;<;=>?@ABCDE FG@HIJKL MNOPQ;R@

ST=UV

W XYZ@ABCDEJKL[;\]^@

MNO@_`

'()82abcdefcghebijklmn opqrrstuqvwsxrsvyz{t{sr|1789}~1

56/14/456

pknn|8 !1ap

|28801

!56 1n 4¡¢£¤

¡¢¥¦ ¡¢1§¨4©ª*+

p)«¬|¥¦ 1¥¦®04§¯ !°±

0²³ )«¬21n 1"#0

´µ¶6§¨48 !p|

4·¤ !¸4¹µknn8 !1

2º»¡¢£¤81¼1½n¾¿ À p"#Á|ÂÃÄÅ½n¾½n8 !

1"#~pÆÇÈÉÊ8"#0

§¯Ê|4¤"# -04¡¢£¤ËÌ 356Í4Î196

!ÏÐ1 '()1inÑ92kn

n8ÏÐ1¡¢£¤81ÂÒ!k

nn1ÓÇ!Á1ÊÔ·56 784½n¾¿ ÀÂ1ÕÖ×8 !Òµ

knn2½n¾½n8 !1ØÙ4ÚÛ 56785!- !½n¾½n2fc gacÜ½n¾½n8 !Ý1kn

n®¶5!¤8195-Þ ºßàá568ÂâÒµ°ã9 Åä619'()2¸åæç+èé êë1"#025ì! '()1í² 0êë1-î³6195-

ï XYZ@HIJKL MNOPQ;R ðñ@òó

'()1knn8 !10

pa|1ô/´5!õö÷ä¤¶!

6 '()inÑøùúûü5-192 8ýþ65¶ÿknn15 6/0119678 '()´6

41¸å1¡21Ã396a1ô /1"#$1444×856195 -875'()1¡22Û¶a1 - '()inÑ2úû67 -195- 8-7899¸å1 '()

inÑË1¡22knnô/ !

inÑô/14§´18

!5!6875!61967 2f gÜdekndpuqwzytzsts|

8¶6196Þ8µknn ô/ !.´5!ÂÕÖ6

¤8 !pà/Ê

928 !|ÂÆ6Á1 Þ!!ÕÖ"Æ2´

#$9 '()inÑ1%!678

¸å1¡281¨1-î2&'95-7 ( !2)*561+2ô/´µ7 1ÕÖ"Æ1ú,6195-7 õö¤¶!6 '()inÑ4³6- .2'()1*+,-6knn15 6/2ú,4/0 !Òµ'()inÑ2

129ú,19218ú 3445-192655¶ÿõ ö¤¶!6 78196'()øù:î 601n 1 '()1;<2 =

7>nb d96a1 '()û?

1øü6782ø '()inÑú,

1961928ýþ-196

@ DEAPBR@CDEFG

!knn11"#$144 a1ô/×95-28µ

Ò!pn 1|11 HIJKLMK.NMKLnO¾jnPQ =RQ =SpTUS|

VW

(4)

01234567389 559 !52"#$

%&'5569(1)5*

+,-./051234955673839:

1;12383<=>!?@ABC89DE, FG#HI6739:19D5HI123JK A412LMN1208O0#L9P5 3QRSET4UV87L9W*+,XY1 Z[\01]^T_(5673`5 abc*+,de fgghijk lgghimV6 7L9P5njk412573Oo*+

8O_5673`559:Z[\01#3pqr ,s__"D8_t3`54T*u, ve\0#L9Aw*u5xy3z{3`

D"4T5|}93*u5 ve123 ~5|5Z[8\0

#35673`DE3*+55

83473894j49DE,9D52"

#5c#_"67

"`8#9/05189556759:1

;V12383,9*+_"5

4_"4567^T5c#

67^T9DE1 #*u¡¢T8£¤¥

1#3567^T9pq#_

#¦E§#k#_`545467839:1;

123839:5|34955|*u3|}

4T¨©y83_"D187356 7^T9_EW*+,Z[\01#L9~

|,ve\01#3pq573*u3|}

83D1#87L955|}3ª

1¨©y83«8pq#34¬45 _#¦E§#k#_<DE14T®8¯°

±²³349´µ=5¶z·¸1¹¦39=

*u5 ~6,º»8¼½¾n67^9¿69

#ÀÁ87^9`C`5Aw*u5¨

©y8Â0835,9-5*+1¬_TE§9 9jÃjZ[\01]3Ä65j5ÅÆ67 3491L8ÇÈÉ17LÇU118ÊK8 3¦64#_D3ËÌ4944(,ÍtT 49«_#¦E§#k#_56,#j

"j`

Ä99jkT4912675 9:5;|3ÎÏ839:1,Aw|8ÐÑ 1j¬Ï4T26#¦E§#k#_jk9 ÒÓÔÕ9Ö×Ø14TÙ=ÚÛ Ü93,ÝÞ#ßà3á4T _#¦E§Aw5W|528âE#_`4j 4ãä52"#pqr573«6738 3955ß3å31¬æç#45873 _è33t#_`j¬9 !8¶z1#^

9D9Aw|8éê12SE#_9ë Aw|12^TìAw*u8ve6#_

673Djk9JKA4íî123veï5 ð'8ñ¦kE#_5673`

ò óôõö÷øù

~5|úûÚüýBÂþ,9 ãä5 ~5W*u5xyV9veï5ÿyØ 1¬_TÙ=ÚÛÜú 01jk2V5s_

34324DE3568398#3456 87à188:kE3673`D589,9 Ù=ÚÛÜ#1:kE35#k9 ûÚüúýBÂþ14:kE3567L9 Ä9|89389:

14955n4T343:T24#

¦E§#k#_`#|}64¨©y4T

|3å2"49Ä99|4_j#3|}

5¨©y164|42"49D5Æ3L4

¬o8#3"ûÚüúýBÂþ49

¨©y«3¢ã 42"_"!c 59:19|}5"#1!3$è8%87L, 4#_j98E#¦E§#k#_5673`

ûÚüúýBÂþ,9~«1¬

_T&'4T53"45_"D8 69(þ)12Lz{3&'5<*+,-.

/+0121345674+8+9+:2C#_4;¯<=>+1?@

(3SET¹L9Sk1,9\I Aã 54BtkE35673`DEk55$1 ,9C#64¨©y5D²E17^T9¨©y _"!c59:5!cc F3GH6#_

8O_56,#j"j`I´9¾n5c 8J§ET¹L9ÄS1¾nK³LMJ,

¨©y5NOP QR

(5)

01234567891 145 !"#$%&

78'()7*8+,-15 ./10+12324567586964:;<=145678

>?=9@<=#7&145

!8A./)7BCD8BEDFG HI&145J&8KL1M%NG 4!1M%@ !OPGQ8RS1T UVWXH67YZ[\(1*1[]^

J!145_%GQ&14 5`abc1defeghijklTV Bm/no1pqrs6MHI8D#

GQ&145

tuv1Xw5678`xeyz{V|}~

hB1{{

@[##GQ&&1

WX1567#G Q&rs*5I8BlVB

8V1 ¡¢,£¤¡¢, )G1¢l@¥O#&¦§=

¨Z@#&Xw@$%©ª5(

#78tuvXw@I«#7{¬

%&#8®¯ª iA]°!±1ª²³´µ#M¶l

@¨©ª5Z8(1M%·¸¹beº@

#8(1»¼*½JGQ&145

¾¿`xeyz{V|}~h&

ÀMGQÁ1ÂÃÄÅI*O P&GQ&(#78ÆwÇ8ÈÉ

8ÊËÌXÇg8ÍÎhiÏ=lÐ 1[lv@Ñ8Bm/noÒ/*Ó#!@ ÔG@¦§viÕÖ45

× ØÙÚÛÜÝÞßàá

âãätuv{å)78æbyç{

¹{1èéêë@ìí/.îìíïð#8(1Í 4ìí/.ñq8æbyç{¹{òí

678ó1èéêë1ôõXw@æbyç{¹{

I145èéêë1êw1ö÷

ÈÉ1Ï1øùMêw;8Kúûi êëìí/.ïðMü&ýþ4

1ìíïð¿ó1êwïð1ÿü@i*4 Ö8ÿ0(#;8æbyç{¹{1 2¾31¶l4ôõi145æb yç{¹{14{54{Xw4581ab´

68ó1êwêë1ìíïðÿü H678æbyç{¹{ì7891 8ó1êwÂÃ1@#G Q&I8g@ô#8ôõ@0+

iM%45

`d1èéêë1 ;1I]

âãätuv@7M8(1 èéêëêëïðÅ&7)Z85 Åë `d![71 "#8 ÍÎ1êëïðÿü@$#8êw%Å ëîÂÃIHI%8&MÍÎ âãätuvû 'êë* âãä{å1(æbyç{¹{

1Æw)vV*Ì4ÍÎ14{54{Xw+,- }7)Z8$.8/´0

`´1£4{54{6723æbyç{

¹{4AZêëôõXw@I8 (1Ï*êëïðÿü23êwû#7 1456M5l-lHZêëïð 16Îïð/.17X6Î84Ö8 9ÆTgûi23û:ª;45Z8 23êw1f{e1øù;ûiû:ª;

5l <Hÿü=>?45

1/´0`´1£4{54{î18è ÈXl @ @A£@ BA4êw1² HZ7C8DE8FDg@G&J#GQ

&8@i823êw1ÂÃ 1¢,Vì789J&!ÂÃ1g1 HIOP&1456M

J KLMNOPQRSTUVWXYUZ[

\]ÙV^_`a

*Ìô1/e0b16£b·{6;1hc48 ÍÎ1èéêë1ìíïð4{5deºe 1ÍÎ1êëôõXw;lÐÍrsZ8*Ì

%#1ÆÌ=~¿f&Agh imV~im1û'^1@;&M&2

*ûjk15lwe#7A8 mGnopqolrqopf{x5s{t2 u2 C1vwC;

<

(6)

012345367898 3 !"3#$%

&8'1()*"+,345-./

0801233456!789 1:3+;<1=>?'1;<@A 3+BCDEF)GDE@H78918I JKAH+6!DE@HL,-MNON PQ:R= !S TUV WXY1

Z[\]^_`Fabc`3de@H3 fg3hiEKAH+)!jklmnQDo pqYrJ3st3 Wu8vwx2yz'1H A{|]}c|01~hi3h8%

211f6!AH'1h iE+6!#$%&x2jHA

x2-NH@f g3+ T ¡-¢£

@HA^QY121()*8hiE-@:

03¤¥+hi+ !)G-;m¦§

Q !S ¨¨V XYx245+x:0 8 !)G7891:3+;©3

>?@+ªC8;<1=)GDE@H7 8-MN080Q !S ¨«V XY1@

x@ªC8;<@A !DE@HL,'1 ONPQ¬V WXY100x2hi

®@H¯°3P:3+)GDE@H7 89N1=2Ax2 !)GQ KAH¬±Y@H²1=23³´+µ0 3121¶R¢j©3·¸8¹3·¸~

µº»¼½'1HA0+fg3~

23¾·->?@H6!¿À+ª C@HÁx20334hiE-7Â 38ÃÄP12@HrJ3tÅ+)!j klmn2N1=@Ax2rJ3 tÅ+6!Æ@HA03Ç;P AR3P120x2hiE-7Â 03ÈÉ+·¸6!3Æ3 WuP A080101-oNhi3 ÊËQ]^ÌÍaÎY@HÏAHA3P1

ÐÑ T¡ Ò WÒÓÑÔ3Õ !SQ¬

¡SÖ× ¨ÒØY+TVhiKAH¬

ÙÚjÛ,3¾·-Ü:)!33hi-Ý

Þ-@HA1

Kßào453()*"3./KAH +01fg33ÈÉQ !S TUV WXY Px2·¸8µº»A0()*3.

/E8'18+01áRH ào45~HâÑ'1:¹38P0 +ãaäåcæc36!~45./3{aç

`¹33 è3é{aç`3[^\ê-ëì 0123[^\ê-ëì@:0

·¸8¹3·¸~µº»íî¼½

"'1HA0+./E-02 ï-RAPð16!8Æ@:µ º»ñ@:0+hi3343²2 Z45./3òcê·¸6!3Æ3ó K83ÊËQ]^ÌÍaÎYPAH

~A3P1

9ôhi45./3õof3

3ÊË+·¸6!3ÆPA0 1

ö ÷øùúûüý

Kßþ 3DE¼½Ãÿ3hiKAH Õ !S T0V81&103¾2ÈÉ3hi 31&+;7S ¨0V¬P1;7S ¨0V +hi331&Q;7S ¨WVY~hi3 ÈÉ-4¸@Hhi@@:5®P:

803ÈÉ6,@A3+7thi31&

hi003x22 ¨0V+

hi@@HA:3Px22334+

hi0A03xAde-±1

¾2ÈÉ89 !)G-J7P .'13P8¨0V+hi3ÝÞ1

&Px2i331&Q;7S ¨WV Ø WØY+hi+P.^Q0Y1

o3+hi+7-@

H45"3hi-Z×@HA1:

R=7@H3í4586!#$

Æ@HAx¾·+µº»Ax~Hh i3h-%HA38P1

@x@o+78+23ÑÔ

-08P08A3¾@

3 e ¨

(7)

012345678977 12347

7!"7#$1234%&' ()*+,-./01122&123 45637456789:80123 4;<=>(8?1234@ABC7 :D7C27&1EFG67%H31 234IJ,K7@ABC7LM;*+,11 2-N7341O&7HFG6 71P(Q2801234;R=

>1771STUVW 7XYZ [\]7^_1`0?9a1S%E TUb?71S;c2d81&TUb

?7efgh7ij1kl0#m5(

81&8no(

p qrsrtuvwxyz{|}~

~

(1ZgY%

(-b.07?9a

7@;

8%2¡¢8¢!"%

(7£¤1k¥¦%§

(¨©ª«1k¥¦7¬%

®8¢8F@%¯ &F°

,7±²®¤%&³´µ¶·%¸¹

&8¢ º»¼(?7E½

¾ª¿ÀÁÂÃÄ7Å?EÆH1Q 2?77Zg1Ç»È7É

®8no(

Ê ËÌÍÎÏÐÑ{~ÒÓ

Ô0ÕÖ×Z9ZØ6ÙÚÛ Ü[Ý

\Þ Ü89Z7ßàá8(Jâ,;

ãä åæÞVç1 èééé0;êo&â,80

½ëì7íîïðJ4ñò,¦óí î7ôõö(;÷l0½ëì7

ºéø0V7Jâcùíîúûü½û ýþ«ÿ«%¦óíî()011Ô0Õ Ö¬%®½ëì7Jâ;c22 38%2%(Vá7Jâíî

½ëì7Jâcù'% 7Ã45´1 2&767&'()&&

Ü 8Y1Ã897g&

1V¹7?7%

U¦ó¥Y7 1¢°7!

"Üå 12347568«ÿ

«Y1¢¨ü7èå º[þ è[Ü åþè[ \\þè[\\þè[åè þè[ èº: !¾¨þë

"#$%7Zg&'è\ ()ü½þ*

¨+,;N3-.7/0812&3# 45¦

óY87Ã4160¹788Ã9 \ : Üº \\ ¦ó;c<=í ; c7Zg>Û8Y47?!"Ü

åè@ \@ABC 16'@7 DE8F7-N7GHºååé º[þååÜ ºéIJKL@7 8

Y @7 7 MNOPQRSTUVWSU1`

0X9ZY7/8Z [\]^_`a b/c [ÜdefghYiíºéééÝ jklmnþ[oþpqrsþqtJâu ð<=Â>7v'[ wJx yþUñò,¦óíî½z{ì1kï ðíî£|íî}z{7E¶ Y

16'~C þ 7J Jâuð<=Â>þ

!"íÖ J<=[\ Ü [o 8YZ¹

XY8YZgu>Û77f8¦óZ°J Õ Üåè[ åþÜåè ºfL

8YZc ¦ó¨ü;N3Zg"

¨ Üº\é Üèþp6

¨7 7C8ÃDZg!"c ¨;c;N3897!"¦óZ°JÕ Üåé Ü

º 7@;123477

X [\]l Üå\]28¢!

"%8=1@%±²Ä;]

48080&(-821`0 7;:`7 ¡¢F808o 712347;£¤#%¥q

¦¡]4Ác@71234»

10;N%]4Û®1k

@ 7 ¡¢F¯7123 4-Eo&7;?l0o8 2&7g1#Q2IJ

°l±XYZ²³´ºåèdefghYiíºééÜ Ý&68»ÚÛ ÜÝ ÜÜÞ º[8µc è: å Üé@é¢c@1`2

°¶Y·hYZ¸hY·)¾ÿ´* Ü:* Ü¹º

[º

(8)

0123 4567891

!"#$%&'8()*+,-./012,34 /453623--37

4 89:;< 354/=><?@A><

B2647BCDE8FG?@H2IJE8 FG?B2IJE8KL MEBNO?@KP2QL?B2 RSBTLURS8VWE?XYZ[

\1]K8?@

^_`8abcd 6

証券化の課題と検討 : 消費者金融の会社更生事件 を契機として

012345678

証券化の課題と検討 : 消費者金融の会社更生事件を契機として