Do Not Ex Study

Bankruptcy Law's essence is to allocate the bankrupt's properties equitably among all creditors and related obligees. However, when it's put into practice, the Bankruptcy Law does not simply distribute the properties in proportion as per creditors' and obligees'repuests, but treat them respectively according to their droit characters. Exemption right is a kind of special right in bankruptcy procedure. On one hand, it can be exerted independently from related bankruptcy procedure. On the other hand, it has advantage in getting repayment over ordinary creditor's rights. Its owner is entitled to the priority of being compensated separately at any time. Therefore, the identification and employment of Exemption right in the Bankruptcy Law is not only important to creditors, but also propitious to fairly protect bankrupts'justitable interest. For there are few regulations on Exemption right in current Law, and still many issues on judicature annotation, the penetrating study on Exemption right will certainly contribute to the improvment of related legislaton and judiciary.This dissertation talks about Exeption right in five sections.Section I is a summary of Exemption right, including its concept and features, its relationship with security credit and credit of bankrupts, and the connection between its exertion and bankruptcy procedure. It is held that (1) The bonded properties is a part of bankruptcy properties, so that the security credit belongs to credit of bankrupts. (2) There is essential difference between security credit and Exemptions right. One is common credit, and the other is security interest , which can not be mixed up; (3) The exertion of Exemption right is connected to, but not confined by bankruptcy procedure. Section II refers to the specialties of Exemption right. A comprehensive analysis on some rights which have the potential to be specialties of Exemption right is invited here . In combination of domestic and foreign regulations on exemption rights in Bankruptcy Law, it briefs the specialties of Exemption right. Then there are respective discussions on security interests possible to be specialties of Exemption right, typically as hypothec, mortgage and lien, non-typically as priority, relinquish hypothec, ownership hold, pledge, creditors'common rights.Section III argues that earnest money cannot be a specialty of Exemption right.Section IV focus on the exertion of Exemption right. Firstly, it discusses the necessity of Exemption right's declaration, and the sequential legal impact if it's not declared within defined terms. Secondly, it talks about the interests that Exemption right's owner takes in creditors' congress, and the congress's constraining power. Thirdly, it comes to the compensation order, for both the same and the different kinds of exemption rights. Finally ,there is an analysis on approaches of exemption rights derived from different specialties.Section V is about the intention of Bankruptcy Law legislation. It used to compensate the creditors and discharge the bankrupt by traditional liquidation. Whereas now it attaches more importance to fair distribution of bankrupt's properties among all creditors, and entitles the debtor to revival opportunities by releasing honest debtors.Section VI indicates that the sovereign position of Exemption right in Bankruptcy Law is facing more and more queries along with the intention transformation of Bankruptcy Law legislation. To ensure public interests of community, the appropriate resrtiction to Exemption right's application in bankruptcy reconciliation and reformation procedure is necessary.