Legal Analysis And Development Path Of Dynamic Pledge

As a product developed by financial industry and the logistics industry,dynamic pledge,a new financing guarantee operating mode,will provide a way for operating entities to use their production surpluses or existing raw materials and semi-finished products,on the basis of pledge and obtaining financing funds,the operating entity can perform operations such as replacement of pledged goods in accordance with the agreed conditions,to make up for the limitations of general pledges.Dynamic pledge helps to unleash the guarantee value of goods,benefit the majority of the market participants in need,provide a solution to the problem of financing difficulties that have perplex the country for a long time,and also provide a space for discussion on system innovation.However,due to its lack of clear definition and operating steps,various classifications and operations have appeared in practice,facing doubts and challenges from market entities,regulatory authorities and judicial authorities.At the same time,whether the dynamic pledge satisfies the constituent elements of the pledge of movable property and whether it will violate the numerus clausus remains to be determined.In addition,as the improvement and innovation of pledge,the dynamic pledge also overlaps with the role and effect of similar collateral rights to a certain extent.The innovation of this operation mode whether will stack up the existing collateral property rights,or perfect the existing structure,remains to be discussed.The main purpose of this article is to clarify the connotation and extension of dynamic pledges in conjunction with the purpose of creating dynamic pledges,at the same time,to analyze the rationality of dynamic pledges,including the composition of pledge goods,the issues of delivery and occupation,the character and operation steps of the replacement of pledged goods and so on,then put forward the opinion on the improvement of legal regulations and supervision in the future,hoping to provide constructive help to the development of this new economic product.