Chattel mortgage right is a priority realized when a debtor does not fulfill his obligation and a creditor sells out the chattel that occupied by the debtor or a third party but offered as mortgage to promise to fulfill the obligation, therefore the appraise at the current rate of his chattel shall be used to pay the creditor firstly. Chattel mortgage right has certain differences comparing with real property mortgage, such as ways to publish, operating procedures and exchanging security levels. The system of chattel mortgage can fulfill the Chattel's use value and exchange value, and is significant for the current economic development of society.The system of chattel mortgage comes of Ancient Roman, The development of the security for things in Roman law and Germanic law identified the ancient existence of chattel mortgage. Chattel mortgage, due to its own shortage, gradually decreased following the boom of real property right in modern time, and chattel pledge develops rapidly. However, nowadays, chattel mortgage becomes active again due to the development of economy market, the increasing of the number and value of chattel and the demand of financing upon chattel, most of countries and regions admit chattel mortgage and the higher level of economic market developed, the higher developing level of chattel mortgage reach to.The establishment of chattel mortgage system is coherent with the trend of property value, the main differences of chattel mortgage design between various counties are mainly chattel mortgage registrations and chattel mortgage scopes and so on. There are three methods to bring effect of chattel mortgage, and they are important document registeringism, registry counterism, and eclecticism that means to use first two isms together. These three methods of legislation all have pros and cons, which are still in argue by researchers. Various countries have different regulations with the scope of objective of chattel mortgage, most of countries limit the scope while the level of limitation has lots difference.Guarantee Law of the People's Republic of China enacted in 1995 (short for Guarantee Law) refer to many legislation samples of Japan and the Chinese Taibei, and clarified the chattel mortgage system and had more comprehensive stipulations, thereafter, the highest court enacted Interpretation of Various Issues in Applying Guarantee Law of the People's... |