Research On The Properties Of Subjects For Pledge Of Obligation

The most commonly right pledge is the pledge of obligation. The Real Right Lawof Peoples’ Republic of China lists bonds、deposit slips and other registered securitiespledge, and the pledge of Accounts Receivable. Other credits transferential by law hasno such regulations. In Comparative Law, the subjects of credit pledge in mostcountries are much more extensive than our country.Whether a credit right can be hypothecated mostly depends on the properties ofthe right. The credit right is a right of claim, when people set pledge with it, the valueand the realization of the right depend on the performance of the debtor, which isuncertain, then may affect the degree of risk. Setting pledge with credit right,alwaysinvolves pledgor、 pledgee and garnishee,and must accord to the principle ofproperty announcement and public trust.It has particularities in delivery、announcement、 effectiveness and implementation etc. which influence the balanceof interest in credit pledge. These factors affecting properties of the subjects of creditpledge finally can be attributed to the risk controlling and interest balancing. Whenpeople use a credit right to set pledge, if it can be met in the risk controlling andinterest balancing, then it should be considered that the credit right is suitable forpledge; otherwise, when it can not be met in the risk controlling and interestbalancing, then we can not be the subject of credit pledge.Risk controlling and interest balancing in credit pledge are reflected bysubstantial elements and formal requirements. For substantial elements, except fortransferable economic value, it also requires the creditor’s right to be identified、specific and the value to be relatively stable. For formal requirements, it requires theoccupation of the creditor’s right to be transferable, the setting of the pledge to beannouncement, the distribution of the rights and obligations to be justice, and theimplementation to be feasible. As long as the creditor’s right corresponds to theseelements, it can be hypothecated in principle. But according to the legal doctrine ofreal right, only the creditor’s right ordained by law can be hypothecated. By the realright law of peoples’ republic of china, the pledge of accounts receivable becomes thefocus of controversy. The law does not prescribe which creditor’s rights can becontained by the accounts receivable? Therefore, the study on the properties ofcreditor’s right pledge’s subjects, is the premise that defining the legal concept of the accounts receivable and resolving the issue that whether other creditor’s righttransferable can be hypothecated.