A distinctive asset class
A precatório is the payment order the Judiciary issues so that a public entity — the Federal Union, a state, the Federal District or a municipality — can settle a final court judgment. The creditor has a liquid and certain right, but payment follows the budget calendar and the chronological order set in Article 100 of the Federal Constitution.
That combination — a public-sector obligor, a court-recognized credit and an uncertain payment date — creates room for assignment: the holder receives funds now; the assignee takes the payment timeline.
How we assess
- Nature of the claim — alimentary or ordinary, with a direct impact on payment priority.
- Obligor entity — payment history, regime (general or special) and fiscal position.
- Procedural status — final judgment, homologated calculations, absence of challenges and attachments.
- Title — chain of assignments, heirs, segregated legal fees and registration of the assignment with the court.
Assignment of court-ordered claims is expressly allowed by the Constitution (Article 100, §§ 13 and 14), provided it is notified to the court and the debtor entity.
The role of securitization
Securitizing court-ordered claims makes it possible to pool diversified credits — by entity, nature and court — in a structure with clear eligibility criteria, documented legal diligence and individual monitoring of each case.
