Research On The Implementation Way Of Pledge Right Of Accounts Receivable

The realization of the pledge right of accounts receivable,refers to that when the pledger fails to perform its obligations upon the expiration of the debt performance period or the achievements of the contract of the realization of the pledge right has been made,the pledgee shall have the right to implement the right of the priority of compensation.And the implementation way of pledge right of accounts receivable is the way to realize the guarantee equity by paying off the value of accounts receivable.Because the particularity of the financial claim for accounts receivable is not taken into account,the existing ways of realization of the pledge of accounts receivable have inadequacies in both theory and practice,which will make the realization of this right be difficult.For this reason,the author will discuss the existing implementation ways of the pledge of accounts receivable,and propose the new realization way.This article includes four parts:Part I: This part mainly analyzes the existing realization ways of the pledge rights of accounts receivable in China.The purpose of this section is to identify problems,after admitting discount,auction,sell these three kinds of general implementation way still have applicable space,which are stipulated in article 229 and 219 of the property law of the People's Republic of China(hereinafter referred to as the property law).And by comparing the laws and regulations,summarizing and analyzing the judicial cases,this part elaborates the general implementation ways' shortcomings existing in the theory and practice.Part II: This part analyzes the innovation of the realization mode of the pledge right of accounts receivable in the guiding case No.53 of the Supreme People's court.First of all,it will briefly introduces the case No.53;then,the results of the referee of the first instance court and the second instance court are analyzed;finally,the universality of the pledgee's direct collection of claims to the third debtor is expounded from two perspectives;thus,it is proposed that under the guidance of the guiding case No.53,this method should be established as a new approach to the realization of the pledge right of accounts receivable.Part III: A complete exposition of the idea of establishing a new implementation way for the pledgee to collect the claims directly from the third debtor.This part firstly analyzes the rationality of this new implementation way from the perspective of necessity,reality,theory and practical experience;later,the nature of the claims and its immediacy are discussed;finally,this part analyzes that it is necessary to inform the third debtor as the guaranty condition for the implementation of the way,so that it can help the utility of this approach.Part IV: Analyze the realization of the pledge right of accounts receivable under special circumstances.The general implementation ways of pledge of accounts receivable are compatible with the implementation way of direct collection of creditor's rights,so the purpose of this section is to compare the application of general implementation ways and new implementation way under various obstacles in the realization of pledge of accounts receivable.The circumstances which include inconsistencies between principal claims and the receivables claims,the existence of legal set-off rights,and the failure of the pledgor or the third debtor to perform their obligations,will affect the realization way and the realization effect of the pledge right.In these cases,the way that the pledgee directly collect the claims from the third debtor is lower cost and more efficient than the general ways.