Purpose – This paper aims to propose a system for settlement of obligations of those who, on the one hand, serially owe someone and, on the other hand, are creditors to other persons. Serial Commitments Clearance (SCC) system provides the necessary arrangements for this purpose. Design/methodology/approach – Theoretical discussions of serial chain of debits and credits were conducted by considering the laws and regulations of commitment clearance. Findings – By considering laws and regulations of commitment clearance and introducing theory of serial chain of debits and credits, this system proposes an algorithm for recognition of serial commitments. Research limitations/implications – This process is set in connection to the Collateral Registration System and Mortgage Securitization System in Rastin Banking, while considering the legal and operational problems. Accordingly, banks, notary offices and other authorized authorities can clear serial obligations of persons due to their requests and agreements and release their collaterals and guarantees as far as the debts of the persons are equivalent. Practical implications – This system will cause financial release and efficiency of many economic firms. In addition, banks will gain commission for rendering this service. Social implications – SCC is a model that can be used in all countries, especially those which have more uncertainties and traders need more pledges for their transactions. Originality/value – This study fulfils an identified need to solve practical legal problems in vindication of rights.
International Journal of Law and Management – Emerald Publishing
Published: Nov 9, 2015
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