Common Mortgage System

Hypothecation is very important to the realization of credit As a special hypothecation, joint hypothec can not only accumulate the value of property but also disperse the risk of security. The secured function of joint hypothec is stronger than that of common hypothec. So many countries have recognized and enforced the law of joint hypothec. But in our country, the security law makes no provision for this and almost no law scholar studies the theory of joint hypothec. This thesis preliminarily studies joint hypothec, in order to provide some valuable references for the legislation and judicial practice of security law.This thesis consists of five parts.The introduction of this thesis mainly elaborates the origination and the present conditions of joint hypothec, as an lead-in to the main part of the thesis.Part two summarizes the basic theories of joint hypothec, concerning with the concept, the characteristics, the qualities, the functions and the types of joint hypothecPart three discusses the creation of joint hypothec, consisting of three questions: the joint hypothec contract, the types of creation of joint hypothec and the registration of joint hypothec, etc.Part four is the emphasis of this thesis. The author studies the internal effect and the external effect of joint hypothec. In the former, mainly discusses three questions. Firstly, the right to select and its restrictions of joint hypothecarius. Secondly, the distribution of claims among hypothecs. Thirdly, the legal effect of joint hypothec on joint hypothecators, concerning with the emergent reasons for subrogation right, the foundations of exercising subrogation right, partial payment and subrogation, and the relationship between subrogation right and claim for compensation, etc; In the later, the author discusses two questons. Firstly, the legal effect on the subsequent hypothecarius, mainly expounds the emergent foundations and the exercise of the subsequent hypothecarius' subrogation right, and the relationship between the subsequent hypothecarius and the hypothecators beside debtor. Secondly, elabrates two questions: the positon of the third part and the relationship between the third part and the subsequent hypothecarius.And the last part is concluding remarks.