12/10/2020
WHAT WE ARE:
We are a unique, one of a kind company on a mission.
When real rights are transferred, the transfer takes place by delivery and personal rights have no corpus and cannot therefore be delivered. Accordingly to the method of transfer of personal rights is by Cession.
In 1790, the U.S. states of Maryland and Virginia both ceded land to create the District of Columbia - Till today Cessions play an important part in the financial industry in the world. Therefore the main point of a Cession is the transfer of personal rights or claims as opposed to real rights. In simplified terms, a Cession is the transfer from one creditor to another of an obligation from a debtor.
The principle parties to any Cession agreement are the Cedent and the Cessionary. The debtor is not a party to the Cession agreement - The debtor simply performs his obligations. It is obviously important to notify the debtor of any cession agreement when the obligation falls due, because otherwise he will execute performance to the wrong party.
The parties involved in a cession are:
• The Cedent is the original owner of the right or claim,
• The Cessionary is the new owner of the right or claim, and
• The debtor is the person obliged to perform.
In practise it is important to distinguish between the parties because a cession agreement is usually entered into as a result of an obligation between the cedent and the cessionary. (I.e. the cedent is usually a debtor of the cessionary). Furthermore, no effective central system was available throughout the history of cessions in South Africa with the main aim to build a data base and to regulate cessions.
Therefore Cession Central’s business model allows the industry to obtain complete information regarding “Cession’s” and simultaneously reduce their performance risk. Also the operating system is functional, secure and the professional technology makes it customer friendly.
At Cession Central, we believe how we do business is as important as what we do – that is what makes us different.
