A Comparative Analysis Of Fixed Sequence And Promoted Sequence

Mortgage sequence system is derived from abundant phenomena that one article can be mortgaged for more than one time in social and economic life. Meanwhile, it is also to coordinate the right-duty relation and to balance the interests between mortgagees and mortgagors. Certain legal regulations concerning this system vary in different countries. There are two legislation models all around the world: the fixed sequence and the promoted sequence. The former one is that sequence afterwards remains the original one when the mortgage of sequence beforehand is exterminated due to the fact beyond mortgage like the debtor ’ s liquidation. The countries including Germany and Switzerland adopt this mode. The latter one is that the sequence afterwards is promoted following the extermination of sequence beforehand and the countries, for example, France, Japan and Taiwan of China are referred to. The academic circles in China have made investigation and study on this issue but fail to draw a generally-recognized conclusion. And Property Law,Guarantee Law, and Interpretation of Guarantee Law in China have not yet made explicit provisions on the mortgage sequence system. This thesis explores this issue by introducing the economic analysis method. It also performs a comparative analysis of fixed sequence and promoted sequence from the perspective of economic efficiency and thus the superiority of one perspective can be demonstrated.This thesis includes three parts: an introduction, the main body and a conclusion. The introduction presents the background, the purpose, the current situation, the method and the content of this study. Three divisions are mentioned in the main body, that is a review of mortgage sequence system, the economic analysis and prospect of this system. It mainly performs a comparative analysis of fixed sequence and promoted sequence from the perspective of economic efficiency and thus the superiority of one perspective can be demonstrated.