债权多重转让是指基于债权的流动性，债权人将债权多次转让给不同的受让 人，从而导致多个受让人并存的法律状态。为解决原债权人与债务人之间、各受 让人与债务人之间以及各受让人相互之间的法律纷争，《民法典》及其司法解释 以保护交易安全为首要价值目标，确立了较为完备的债权多重转让规则体系，具 体内容如下:
The legal situation known as “multiple assignment of claims” occurs when creditors assign their claims to various assignees, leading to the co-existence of many assignees. To resolve legal disputes between the creditor and the debtor, between assignees and the debtor, and between various assignees, the Civil Code and its judicial interpretations place transaction security as the primary objective and establish a relatively comprehensive legal framework, with specific contents as follows:
一、保理中的债权多重转让适用“优先看登记，其次看通知”规则。《民 法典》第 768 条构建了保理中的债权多重转让规则。在具有债权登记可能性的特 定商事交易领域，已经登记的先于未登记的取得债权;在债权无法登记或者没有 登记的情况下，由最先到达债务人的转让通知中载明的保理人取得债权;既未登 记也未通知的，按照保理融资款或者服务报酬的比例取得应收账款。
1. The multiple assignment of claims in factoring applies the rule of “first comes registration, followed by notice.” Article 768 of the Civil Code provides that in a situation where multiple factors assert their rights, “the factor that has made registration shall acquire the accounts receivable in preference to the factor that has not made registration”; if no factors has made registration, the factor stated in the notice of assignment that first reaches the accounts receivable debtor shall acquire the accounts receivable. If neither registration nor notice is present, “the accounts receivable shall be acquired in proportion to the proceeds of factoring financing or service remuneration.”
二、与保理有关的混合债权多重转让延续适用“优先看登记，其次看通知” 规则。与保理有关的混合债权多重转让是指同一债权除存在保理外，还存在债权 质押和/或债权转让的情形。为解决混合多重转让问题，《最高人民法院关于适 用〈中华人民共和国民法典〉有关担保制度的解释》第 66 条对此作出回应，明 确将《民法典》第 768 条“优先看登记，其次看通知”规则的适用范围扩张到与 保理有关的混合多重转让领域。
2. The multiple assignment of claims in factoring and/or pledge also applies the rule of “first comes registration, followed by notice.” Article 66 of Interpretation of the Supreme People’s Court of the Application of the Relevant Guarantee System of the Civil Code clearly provides that “where the same accounts receivable involve factoring, a pledge of accounts receivable, and assignment of claim, and either party argues that their rankings should be determined according to Article 768 of the Civil Code, the people’s court shall uphold the argument”.
三、与保理无关的一般债权多重转让适用“通知在先，权利在先”规则。
《最高人民法院关于适用〈中华人民共和国民法典〉合同编通则若干问题的解释》 第 50 条规定，“让与人将同一债权转让给两个以上受让人，债务人以已经向最 先通知的受让人履行为由主张其不再履行债务的，人民法院应予支持。”至于何 为最先通知，“人民法院应当结合通知的方式等因素综合判断，而不能仅根据债 务人认可的通知时间或者通知记载的时间予以认定。”
3. The multiple assignment of claims without regard to factoring applies the rule of “notice gives rise to rights.” Article 50 of Interpretation of the Supreme People’s Court on Several Issues Concerning the Application of the General Principles of Contract Part of the Civil Code of the People’s Republic of China states that “if an assignor assigns a single claim to at least two assignees, and the debtor argues that it will no longer perform on the grounds of having rendered performance to the first-notified assignee, the people’s court shall uphold the argument”. In terms of a valid notice, the Interpretation further provides that the method of notification and other relevant factors, rather than the notice time announced by the debtor, should be taken into consideration.
以上即是我国民法上债权多重转让的规则体系，看似形成了与保理有关和与 保理无关的双轨模式，但是，其根本宗旨是:债权转让合同一经签订即发生效力， 但是只有经登记或者通知，才能发生对抗第三人的效力。
The above articles formulate the rules of multiple assignments of claims in China. With and without factoring, it appears to form a two-track pattern. However, the baseline rule is that the contract for assignment of claims is effective immediately upon signing, but it should be registered or notified in order to be against a third party.
Source: PW Partners