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Steven L Schwarcz

Professor
Steven L Schwarcz is the Stanley A. Star Distinguished Professor of Law and Business, Duke University School of Law; Senior Fellow, the Centre for International Governance Innovation (CIGI); and Founding Director, Duke Global Financial Markets Center. Email: schwarcz@law.duke.edu

Articles by author

The sale-versus-loan problem of receivables financing from a US perspective

In this article the authors set out and explain a framework to assist practitioners and judges in distinguishing between transactions in which a receivable secures an obligation and those in which the receivable has been sold outright. The framework seeks to mitigate recharacterisation risk.

22 MAY 2026