Proving Credit Ownership in Securitizations: The Turning Point of the Joint Sessions

1. The facts

   The case originates from a dispute over credit ownership raised by a debtor within an opposition to a payment order. According to reports from publications such as Il Sole 24 Ore and Altalex, an assignee company had acted to recover a non-performing loan (NPL) claiming to have purchased it in bulk from a banking institution. During the proceedings, the company produced only the extract from the Official Gazette containing the notice of assignment, without providing the original contract or an analytical list of the acquired credits. The matter reached the Joint Sessions of the Court of Cassation to resolve a judicial conflict over the sufficiency of such documentation. The proceedings concluded with a final ruling establishing strict criteria for fulfilling the burden of proof by the new creditor.

2. 

   The legal framework

   The regulatory framework is based on Art. 58 of the Consolidated Law on Banking (TUB), which governs the bulk assignment of legal relationships by simplifying individual notification requirements to debtors. This rule interacts with Law 130/1999 on securitizations and the general principle expressed by Art. 2697 of the Civil Code, which requires whoever takes legal action to prove the facts constituting their right. Art. 1264 of the Civil Code regulates the effectiveness of the assignment against the assigned debtor. The function of Art. 58 TUB is to ensure the opposability of the assignment through a public notice, but not to derogate from the ordinary rules on the proof of purchase of active standing for the specific credit in the event of a dispute.

3. Case law development

   Prior to this decisive intervention, case law was divided between a simplified approach, which considered the Official Gazette sufficient if the credit fell within the general categories indicated, and a rigorous approach. The Joint Sessions have now clarified that publication under Art. 58 TUB constitutes a publicity facilitation and not an evidentiary facilitation. The established principle states that the Official Gazette extract can serve as an indication, but if the debtor specifically contests the purchase, the bank or vehicle company must produce the assignment contract or a notarized extract of the list attached to the deed. The Court therefore reaffirmed that proof of standing must be certain and documentary, as it cannot be based on presumptions derived from generic notices.

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8. Lessons for legal professionals

   1. During opposition, it is essential to contest credit ownership specifically rather than generically to compel the counterparty to file the contract.
   2. The production of the Official Gazette alone must be considered insufficient for proving the legal standing of the servicer or vehicle company.
   3. It is necessary to verify that the produced documents are contemporaneous with the assignment transaction and not self-certifications created after the dispute arose.
   4. Privacy exceptions cannot justify the failure to produce analytical lists, as redacting non-relevant data is sufficient.

References: Art. 58 d.lgs. 385/1993Legge 130/1999Art. 2697 c.c.Art. 1264 c.c.

Editorial oversight: Avv. Federico Papa·ICAMUpdated 10 October 2026Content drafted with AI support and subject to editorial source checks. Despite these controls, inaccuracies may remain: reports and rectification requests are welcome. Report a correction