Garantias do certificado de recebíveis do agronegócio (CRA)

Abstract

This work examines the legal structure and of the guarantees in the Certificado de Recebíveis do Agronegócio (CRA), highlighting their essential role in strengthening investor confidence and ensuring the stability of securitization operations within Brazil’s agribusiness credit market. The study is divided into four chapters. The first provides a historical overview of rural credit in Brazil, emphasizing the transition from a state-centered financing model to a progressively market-oriented system. The second explores the Cédula de Produto Rural (CPR) as a pivotal instrument in the evolution of private agricultural financing, focusing on its legal nature, mechanisms, and relevance as a source of receivables. The third chapter analyzes the CRA itself, discussing its legal foundations, operational structure, and function as a vehicle for channeling private investment into the agribusiness sector through securitization. The fourth and central chapter investigates the diverse set of guarantees applicable to CRA operations, including traditional real guarantees, fiduciary devices, structural credit enhancements, and modern mechanisms introduced by recent legislation. The study concludes that the robustness of the guarantee structure is indispensable to the efficiency of CRA issuances and to the sustainable expansion of private agricultural credit in Brazil