Research On The System Of Dynamic Pledge Of Inventory

In the modern credit guarantee system,the dynamic pledge of inventory produced by financial innovation,is a kind of financing tool of movable property growing in China under the market economy environment.It is known as "the core and soul of supply chain finance".The structure of dynamic pledge with the supervisor as its center breaks the dual relationship structure of traditional pledge,which makes it the most characteristic,the most complex and the most controversial tool.The current law is very reluctant to dynamic pledge of inventory.However,as dynamic pledge is more and more widely used in the financing practice of market economy,its disputes are correspondingly more and more,the judicial judgment is always uncertain on this issue,so the gap between law and social economy is expanding,which has become a huge "gap" hindering social development.Therefore,this paper,by using the method of combination of theory and practice,is to make a little contribution to the institutionalization,systematic construction and interpretation of dynamic pledge of inventory.The first chapter studies the theoretical framework of dynamic pledge of inventory.First of all,the legal basis of dynamic pledge lies in: first,the transformation of economic structure and the change of social concept lead to the decline of traditional pledge;second,the floating charge of chattel are difficult to adapt to the safety environment required by inventory financing.Secondly,dynamic pledge has three functions: "the coincidence of preserving creditor’s rights and financing funds","the complementation of oppressive function and incentive function" and "the consideration of promoting trade and promoting welfare".Finally,dynamic pledge of inventory should be interpreted as the inferior concept of chattel pledge,which is consistent with the legal principle of real right.Its establishment of the minimum value or quantity limit of collateral is consistent with the specific principle of real right object.The supervisor and the pledgor in the common direct possession of goods,which is different from the possession modification,conforms to requirement of property right publicity principle.Therefore,dynamic pledge of inventory should be considered as real right.The second chapter discusses the prospect of association system of dynamic pledge.First,there are three types of floating charge: "British floating charge","Japanese enterprise charge" and "American floating lien".From the perspective of Civil Law System,no matter which type can not match with various principles and effects under the real right framework of our country,its uniqueness in system construction and legal effect determines that it is neither real right nor common creditor’s right,but riding an atypical guarantee on the two-thirds of the property debt line.In view of this,the idea of localization of floating charge should be taken out of the civil code and return to the track of the whole enterprise property guarantee.The floating charge of movable property should be replaced by the dynamic pledge of inventory.Second,as for chattel mortgage,we should turn from "Negation" to "limitation",that is to say,we should limit the scope of the object of chattel mortgage,and the chattel that can not or is not suitable for mortgage should be solved by chattel mortgage and transfer guarantee.The third is about the pledge of warehouse receipts.On the one hand,it is necessary to distinguish warehouse receipts from delivery receipts,warehousing receipts or warehouse registers.The nature of warehouse receipts is property securities and circulation securities,and establish a standard warehouse receipt market and a unified warehouse receipt system.On the other hand,it is necessary to distinguish paper warehouse receipts and electronic warehouse receipts,and set different elements for their pledge.The paper warehouse pledge shall take effect by signing a written pledge agreement and endorsing the words "pledge" and delivering it to the creditor;the electronic warehouse pledge shall take effect by signing a written pledge agreement and marking the words "pledge" on the electronic warehouse receipt and registering.The third chapter demonstrates the publicity system of dynamic pledge.First of all,the dynamic pledge of inventory should tend to compulsory publicity.Compulsory publicity is the most intuitive,cheapest and most effective transaction security mechanism,while voluntary publicity could work only with complex supporting measures.Secondly,in terms of publicity methods,"registration theory","control theory" and "registration and delivery overlapping theory" are more or less inappropriate,and the return to the framework of "delivery theory" is more persuasive and operational.Due to the functional integration of inventory and warehouse receipt,the two systems of warehouse receipt pledge and dynamic pledge of inventory from the same source should be complementary and integrated,but their "mortise and tenon" was artificially dismantled,resulting in the loss of overall advantages of inventory financing.The chaos of repeated warehouse receipt pledge,false warehouse receipt pledge,pledge of inventory after pledge of warehouse receipt,pledge of warehouse receipt after pledge of inventory,are increasing.Therefore,the publicity method of dynamic pledge should implement the double delivery principle of "delivery of inventory" and " endorsement and delivery of warehouse receipt ",so as to make up for the shortage of simple possession of inventory.In the type identification of "delivery of goods",in addition to simple delivery and instruction delivery,we should also recognize unified common possession as an alternative way of delivery,which should be included in the framework of concept delivery.Finally,in terms of the publicity effect,the dynamic pledge of inventory should keep the mode of "delivery effectiveness",which is not conducive to the transaction safety,but also aggravates the pressure and trouble of dynamic pledge supervision.The fourth chapter discusses the scope of validity of dynamic pledge.The uniqueness of dynamic pledge lies in the expansion of parties,including pledgor,pledgee and supervisor.As far as the qualification of pledgor is concerned,there is no consensus on whether to expand or limit it.From the perspective of the main functions of dynamic pledge and the needs of agricultural finance,the pledgor should not be limited.The pledgee of dynamic pledge should be extended to all creditors including banks.In addition,the law ought to impose the pledgee’s substantive review obligation on the authenticity of inventory to relieve psychological pressure of the supervisor.On the other hand,the pledgee should be given the right to transfer the pledge,and commitment to transfer the pledge and responsibility to transfer the pledge are included.Thus,the financing of the pledgee can be recovered again,and the function of dynamic pledge is truly played to activate finance.Third,the ingenious design of the supervisor is the foundation of the success of dynamic pledge.In order to ensure the smooth supervision system,supervisor must be restricted to enterprise as legal person with warehousing operation qualification,good reputation and independent responsibility.In the transaction of dynamic pledge,the supervisor actually plays multiple roles including warehouse keeper and trustee.This determines the multiplicity of its rights and obligations,which can be roughly summarized as review obligation,possession maintenance obligation,custody obligation and supervision obligation.When the collateral is damaged,lost,deteriorated or short attributable to the supervisor,the supervisor shall bear the liability for fault.In order to strengthen the supervision of the supervisor’s due diligence and reduce the burden of proof for the creditor,the supervisor shall bear the liability for fault presumption.The fifth chapter describes the priority of dynamic pledge of inventory.On one hand,this paper analyzes the sequence principle of the concurrence of chattel security,demonstrates the irrationality and impracticability of "the distinction between the strength and weakness of publicity effect" and "the theory of super priority of purchase money security",establishes the correct sequence thought based on public presentation,and rationalizes the relationship between the sequence meaning and the sequence law Shun.On the other hand,this paper uses the above basic principles to analyze the relationship between inventory dynamic pledge and chattel mortgage,lien,ownership retention and warehouse receipt pledge,so as to create conditions for guaranteeing the credit expectation of inventory dynamic pledgee participating in financing and the stable order of market transaction.