01The asset
A judicial claim is the right to receive an amount recognised — or under dispute — in judicial or arbitral proceedings. Early monetisation may occur through onerous assignment of the right or through structured financing of the dispute itself.
The difference from a precatório is the counterparty: here the debtor is usually private, with capacity to pay still to be verified, rather than a public entity with a budgetary queue.
02Procedural stage defines eligibility
Final, unappealable judgment: appellate risk removed. The highest level of eligibility.
Favourable appellate decision with no special appeal pending: eligible, with a discount proportionate to residual risk.
Favourable first-instance decision: eligible only where case law on the thesis is settled.
Thesis still under dispute: not eligible without an explicit contingency structure.
03Why probability of success is not enough
A right with high probability of success and an insolvent counterparty is not a financial asset. The counterparty's capacity to pay is a condition independent of the merits.
Assignability must be confirmed: some claims are restricted or barred from assignment by their nature, origin or a contractual provision.
Time to realisation affects present value in a way that is frequently underestimated in long-maturing theses.
04Specific risks
Rescissory action, available for up to two years after final judgment.
Shifts in higher-court case law, especially in tax theses with material fiscal impact.
Payment diversion by the counterparty, mitigable through consent letters and escrow structures.
Concentration by legal thesis: a change of interpretation can affect an entire portfolio at once.
05Minimum diligence
The seller's corporate documentation and verification of representation powers.
Chain of title and soundness of prior assignments.
Absence of liens, attachments and encumbrances over the rights.
Restated value confirmed by independent calculation.
Independent legal opinion on merits and assignability — mandatory before any binding proposal.
This material does not constitute: (i) a public offering of securities; (ii) a legal opinion; (iii) an investment recommendation; (iv) a promise of returns; nor (v) a guarantee of any nature. Investment decisions rest exclusively with the investor, based on their own analysis and independent due diligence.