On Realization Of The Pledge Of Rights

As the market economy continues to prosper,the pledge of the right,as a financing means,become more and more important. In practice,right of pledge gets more and more attention as means of financing,which can’t be ignored particularly in commercial transactions.Although China’s "Real Right Law" has prescribed the pledge of rights,but there are only seven provisions concern about the pledge of rights. That,which is no prescribed,apply to the provisions of pledge of movable property. The reason is that the pledge of rights is similar with the pledge of movable property in a certain extent,in order to avoid duplication of provisions of the law,some provisions of movable property pledge can be used to adjust the legal relationship caused by pledging with rights.The core value of pledge of rights lies in the realizable of the rights,which can guarantee the realization of obligee(also be to pledgee)’s rights. When the obligor fails to pay due debts or any circumstance for realizing the right of pledge as stipulated by the parties concerned occurs,the pledgee shall be entitled to seek preferred payments from the said rights pledged. So the realization of the right of pledge means the pledgee has the right to convert the right pledged into money and be paid in priority. Therefore,implementation of pledge of rights is the key of the whole system of pledge of rights and means a lot to the parties.Different from the pledge of movables,when the obligor fails to pay off its due debts or any circumstance for realizing the right of pledge as stipulated by the parties concerned occurs,in addition to convert the right pledged into money by transfer of rights,pledgee of can also exercise the rights pledged to convert the rights into money.This paper will talk about the foundation of rights of the pledgee of pledge of rights,as well as the rights the pledgee has. At the same time,due to the different rights are subject to different Laws and regulations,resulting in the exercise and transfer of different kinds of rights in different ways. Therefore,it is necessary and meaningful to discuss and sum up the way of the implementation of various types of pledge of rights.As mentioned above,provisions of pledge of rights prescribed by China’s "Real Right Law" can’t cover all the matters concern about pledge of rights. When turned to overseas legislation,we found that the realization of all kinds of pledge of rights are prescribed in most overseas civil code,such as "German Civil Code", "French Civil Code", "Japanese Civil Code", "Swiss civil code" and “civil code of Taiwan region of China”. China’s legislators shall pay more attention to particularity of the system of pledge of rights,especially the realization of pledge of rights,which is greatly different from pledge of movable property.The realization of the pledge of rights is not only a legal issue,but also an economic issue. The research methods of this paper conclude study of comparative law,study of regulations and literature research. In this paper,some valuable basic issue of the way to realize pledge of rights are discussed. At the same time,some legislative recommendations are put forward after comparing the laws at home and abroad.