There are some innovative financial products, especially securities products in the capital market that can be used by a company to finance its working capital and or its investment. One of the products is Asset-Backed Securities using future receivables as underlying asset. The terminology "future receivables" may have two meanings, firstly as receivables that arise in the future and secondly as revenue that earned in the future. This condition will become complicated in case of legal treatment and accounting treatment as well, especially in securitization of asset-backed securities. The approach of this matter is proceeded by normative research under Indonesian Civil Law and analyzing the steps of securitization including : 1. Regulations concerning security/collateral law to accommodate future receivables. 2. Securitization over future receivables as a type and as an object of agreement. 3. Comparative study of regulations between certain countries under civil law system with those under common law system. Pursuant to Bapepam Decree No.IX.K.1 (No. Kep-28/PM/03) as prevailing in the Indonesian capital market, future receivables as underlying asset may be subject to securitization. Nevertheless, die terminology "future receivables" in that regulation means receivables, which already have legally concluded underlying transaction. On the other hand, receivables, which do not have legally concluded underlying transaction, have not been covered. Prior to the regulation between several nations under civil law system and other nations under common law system, there is no certain pattern found. Securitization over future receivables - which do not have legally concluded underlying transaction - may raise certain legal problems in the event that Indonesian civil law does not clearly regulate it. Furthermore, securitization over future receivables can raise not only uncertainty but also ambiguity in dieir implementation, which in turn may ruin the investor's interests. In respect of legal certainty and investor's interest, some important factors to be considered are: (i)the differentiation between future receivables, which have legally concluded underlying transaction and those, which do not have legally concluded underlying transaction; (ii)the existence of the regulation concerning security/collateral law to accommodate future receivables - which do not have legally concluded underlying transaction; (iii)the existence of credit enhancement to guarantee the payment to investor; (iv)the existence of capital market regulation concerning legal treatment and accounting treatment as well.