| The mortgage transfer system, part of the security system, is an important legal system. To establish a set of scientific and sound mortgage transfer system can not only be significant measures to guarantee the benefit of mortgagor, mortgagee and transferee, but also help make full use of the whole security system. In addition, it can influence people's attitude towards reliability of the security system, which will have a great effect on the economic development, social order and safety.This thesis aims at elaborating advantages and disadvantages in China's security legislation on the mortgage transfer system and putting forward suggestions to help perfect the mortgage transfer system by comparing and analyzing various academic opinions concerning the present security legislation system in China and similar systems in other nations. The paper falls into three parts, as shown in the following:Chapter one: Protection of mortgagee's benefit in mortgage transfer This part introduces the regulations on protection of the benefit of mortgagee in mortgage transfer in China's guaranty law, providing three different legislation cases and two different academic viewpoints to interpret the importance of admission of the infallible tracing effect of the right of mortgage and protection of the benefit of mortgagor.Firstly, three kinds of legislation cases and two academic opinions on the protection of the benefit of mortgagee are explained here. Three kinds of legislation cases are: First, double principle—principle of admitting the right of recourse of mortgage on one hand and principle of acknowledging the right of subrogation towards transfer price of securities on the other. Civil Law of Japan is a case in point; Second, the former principle is accepted, but not the latter one. Germany and Switzerland adopt this; Third, the latter is accepted, but not the former, that is to say, principle of acknowledging the right of subrogation towards transfer price of securities is formed without considering the admitting the right of recourse of mortgage. Some scholars in China advise to adopt this. In academic circles, there are two absolutely different viewpoints on this problem. The first view is that only when mortgage right is provided with the efficacy of tracing can the benefit of mortgagee be fully guaranteed, which is believed by scholar Liming Wang; The second view is the adoption of subrogation to protect the benefit of mortgagee and four reasons are listed accordingly. The author points out that people who hold the second view tend to confuse the concept of security of things with security of people. Since the above four causes of the approval of subrogation cannot be proved, subrogation is not advantageous to protect mortgagee's benefit when mortgages are registered.Secondly, introduction and analysis of the relevant legal regulations on this problem are listed to draw a conclusion that rules based on "Opinions of the Supreme People's Court on Implementing 'the General Principle of Civil Law of the People's Republic of China' (for Trial Implementation)" violate the right of mortgagor for it says the validity of the mortgage transfer contract depends only on mortgagee; "Guaranty Law of the People's Republic of China " rescinds the above regulations and says the validity of the mortgage transfer contract should see whether mortgagor informs under obligation, however, it is also unreasonable; Although "Interpretation of the Supreme People's Court on Several Issues in the Application of 'Guaranty Law of the People's Republic of China' " has its drawbacks , it makes great progresses in this field and brings a bright future.Finally, the author analyses the source of mortgage recourse, the character of mortgage security, the nature of the mortgage right and the foreign legislation cases, then argues that the right of mortgage determines the efficacy of mortgage recourse. The nature of the right of mortgage depends on the exchange value of mortgage. Therefore, no matter how and to whom mortgage...
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