Civil Law Countries "floating Secured" Institutional Research

As the modern economy develops, demand for financing is experiencing an ever increasing process during which new methods of security is required by creditors and debtors. Since entity in demand of financing are mainly enterprises, to keep smooth operation while maintaining security on the debt becomes one of objectives that many enterprises pursuant for. The floating charge which originated from England in 19^th century offers a proper solution for such problem. The guarantor is entitled to possess, use and dispose the securities until the crystallization of floating charge, so that the floating charge not only guarantees debt, but also enable the guarantor to continue its operation. However, such system is seldom accepted by continental law countries. Alternatively, the civil law countries develop other systems through cases or specific statute laws to meet the requirement of practice, namely enterprise guarantee, Sicherunguebereignung and chattel mortgage. From the perspective of scope of securities, publication of the guarantee, guarantee's control over the securities, realization of the charge and priority among creditors, this thesis carries out one by one discussion on aforementioned systems, as well as analyzes the differences among such systems. Floating charge, as a key arrangement in the project financing, has already been taken into China's practice. Whether it is necessary and how to introduce floating charge into current security system of China are questions need to be discussed. This thesis adapts these two questions to the draft of Property Law, and analyzes relevant provisions thereof. The comparison among aforementioned systems and the detailed discussion on relevant stipulations in the draft of Property law are the first two merits in this thesis. As the conclusion, the author agrees that introduction of floating charge shall rely on revision of current chattel mortgage system, which is the most convenient way we can take.