Thinkings About The System Of Chattel Mortgage

Chattel mortgage refers to the guarantee system that chattels which the creditor doesn't transfer the occupation compared to the debtor and the third party and provide guarantee for consistent usage will be given priority to be compensated. The Chinese guaranty law has the regulation on chattel mortgage and real estate mortgage. There are some problems in both theory and practice. This article makes the preliminary inquiry about the different aspects of the chattel mortgage system. The content includes the following: Chapter 1 The establishment of the chattel mortgage system Firstly ,this article makes a common generalization about the concept and origin of the chattel mortgage. Secondly, the article generalizes the chattel mortgage system of foreign countries and the scope of object of the chattel mortgage. Finally, the article describes the chattel mortgage systems in chinese mainland and Chinese Taiwan. Chapter 2 Announcement system of chattel mortgage In the chapter writer enumerates and defines the announcement systems of chattel mortgage firstly, mainly including meaning existentialism, writing existentialism, register existentialism, meaning existential and register confrontation, writing existential and register confrontation. Then writer gives an account of the announcement systems that China adopts. Our Guaranty Law adopts both register factor and register factor. And finally, writer further probes into the register efficiency and register confrontation that we currently adopt. Register efficiency is of publicity and is easy to protect the third party's interests and trading safety. But in practice it will hinder the chattel's fluidity. The register confrontation is contrary to the principle that the reason and result of the substance's change is different. Register confrontation will be unfavorable to the chattel mortgagor in practice. The biggest problem of register confrontation is the publicity which will be much difficult to execute. Chapter 3 Object of chattel mortgage Firstly, in this chapter writer gives us a brief account of the definitions of the chattel mortgage object, chattel and estate. Because of chattel's movable, hidden or losing characteristics, not all chattels can be the contracted object of chattel mortgage. In our guarantee Law it stipulates the scope of chattel and estate objects as well as those assets that can not be mortgaged. Secondly, in this chapter writer looks into the conditions of being the chattel mortgage object: a. There must be independent chattels which are worthy of exchanging; b. The chattel's rights must be clear and the mortgagors have the rights to deal with it. c. The chattel must be easy to be occupied by the mortgagors and must comply with the social interests. Chapter 4 The range that the right of chattel mortgage covers. First, this chapter analyzes the range of creditor's rights on chattel mortgage. The guarantee law regulates in article 46:" The range of guarantee covers creditor's rights and interests, indemnities and mortgage realization rights. In addition, if the contract of mortgage is specified, refer to these specifications." Thus, the legal range of guarantee of chattel mortgage rights involves the following: main creditor's rights which refer to rights that result from the legal relationship between the creditors and the debtors;Interests that mean the interest from the main creditor's rights which includes legal interests and agreed interests. The indemnities indicate the amount of money paid by one party in accordance with the regulations of the contract when that party does not carry out or inappropriately carries out the contract; damages refer to the money paid to one party when loss occurs because the other party does not carries out or wrongly carries out the contract, the fee used to secure mortgage rights which refers to all the payment that mortgager has paid in exercising the right of mortgage. Besides, this chapter analyzes the effect and the reference's scope of chattel mortgage rights. It mainly consists of interests which are the benefits from the original material; substitution which is the replacement means the disappearance of the reference which provides the rights, when its value transforms to other forms, the efficiency of the guarantee can reach the substitution;the affiliates which are relative to the main part of the mortgages...