Priority Of The Proprietary Security In Movable Assets In DCFR

The system of the proprietary security in movable assets in China is divided into four parts: mortgage,pledge of movables,pledge of right and lien.The legislative model of diversification ignored the common characteristics of the proprietary security in movable assets,lead to the system lacks a unified priority rule of proprietary security in movable assets.Principles,Definitions and Model Rules of European Private Law Draft Common Frame of Reference(DCFR)as the latest draft civil code of civil law,in the reference and absorption of ‘Uniform Commercial Code' on the basis of a unified system of personal property security interests,combined with the civil law tradition of legal terminology and legislative characteristic,fully described a trading rule of proprietary security in movable assets in the ninth volume,and established a clear priority rule of proprietary security in movable assets in the fourth chapter.It's full of innovative to propose the concept of ‘super priority',stipulate the provisions of retention of ownership devices,possession or control over financial assets and lien as three ways to have super priority.By using comparative method,on the basis of DCFR outstanding legislative experience,exposed many problems with Chinese current system of the proprietary security in movable assets and the problems born in the judicial,I'll put forward to establish a unified system of proprietary security in movable assets,unify the publicity and registration agency,introduce the concept of ‘super priority' on the basis of establishing a general rule of ‘time first,right first',give the provisions of retention of ownership devices,possession or control over financial assets and lien to have super priority,prior to the establishment of the guarantor of any security interest,so that to establish a unified and comprehensive priority rule of proprietary security in movable assets.