The Priority Of Mortgagee

Mortgage is one of guarantee forms to assure the performance of economic contract. After the publicization of "Guarantee Law of the People's Republic of China", legal system of mortgage has been perfected to a great degree. Mortgage is frequently applied during the process of transaction. In practice, mortgage plays a really important role of assuring the realization of rights, paying the debt and strengthening subjuct's credit. In addition, mortgage helps a lot of prevent and reduce business risk.As one kind of guarantee forms, mortgage has not only common characteristics of real rights, but also some important characteristics differentiating it from other real rights.Mortgage is established without transferring the possession over the property. Although mortgage may use the property mortgaged continuously, mortgagee has dominant right on particularily mortgaged property, and what's more, mortgagee has right to get in priority compensation from the money received from selling of the property. All these elements combine toghther to act as characteristics of mortgage.This paper intends to make some brief studies on mortgagee's priority, the requirement and limits of the realization of mortgage and conflicts between mortgage and other right. Moreover, the author intends to do some deep studies on current legal system of mortgage in China with the help the author's experience as a lawyer.