| The dynamic pledge in economics is a pledge guarantee model based on "Rongtong Warehouse".Financing means financial financing,Tong means logistics circulation,and warehouse means logistics warehousing.In the integration of resource relationships,we will look for opportunities to improve operational efficiency and improve the overall performance of the supply chain.Under the background of economic policies that comprehensively optimize the business environment,reducing the difficulty of operating financing has received more and more attention.And the dynamic pledge spawned by financial innovation is a good medicine to treat the financing difficulties of small and medium-sized enterprises.It can not only effectively reduce the risk of the bank or other creditors’ security rights failing in mortgage financing,but also does not overly restrict the pledgee from the maintenance of the security rights in the static pledge guarantee.the freedom of disposition and hinder the normal operation of the pledgee.In the transaction practice of dynamic pledge,the pledgor can pick up and replenish the goods according to the pledge agreement,so that the overall value of the pledged material is maintained above the minimum value control line.Dynamic pledge generally introduces professional supervisors to manage the pledged goods.Dynamic pledge guarantees are common in practice,but there is no unified adjudication rule.In recent years,scholars have gradually paid attention to this special form of movable property pledge,but no unified theory has been formed.Academia and referee practice have great disputes over the establishment and publicity of dynamic pledge,the legal status of supervisors,the assumption of responsibility for custody of pledges,and the realization of dynamic pledge rights.It was not until the release of the Minutes of the JIUMIN that the judicial system initially unified the determination of the nature of dynamic pledges.However,the subsequent compilation of the Civil Code did not make clear provisions for dynamic pledges.The Supreme People’s Court passed the Civil Code Guarantee System Interpretation.The Interpretation of the Guarantee System details the matters not covered by the Civil Code.The Interpretation basically inherits the spirit of the JIUMIN Minutes,and makes relevant provisions on dynamic pledge in Article 55.the main content of which is to stipulate the dynamic pledge.The main content is to stipulate that the establishment of dynamic pledge rights is that the supervisor actually controls the pledged property,the legal status of the supervisor is the trustee of the pledgee,and when the pledge right is not established and the pledged material is lost,the supervisor assumes the responsibility for breach of contract.However,the provisions of the Interpretation cannot completely resolve the dispute.One reason is that scholars question the legitimacy of using the actual control of the pledged property by the supervisor as the standard for establishing pledge rights,and the second is that the provisions on the responsibility for the supervision of pledged goods do not specify the method of assuming responsibility.The third is that the realization method of the dynamic pledge right is not stipulated.During the dynamic pledge period,the pledge right status and the pledge right priority range are still uncertain in the state of replacement of the pledged material.Therefore,there are still many doubts in dynamic pledge in theory and practice.Issues such as the establishment and publicity of pledge rights,the assumption of supervisory responsibilities,and the realization of dynamic pledge rights need to be further clarified on the existing basis.Specifically,dynamic pledge still belongs to the category of physical pledge of movable property,and its establishment method should be consistent with that of static pledge.That is to say,dynamic pledge is also established by delivery,and as long as the normal delivery requirements are fulfilled,the pledge right will be established.The unqualified supervision of the supervisor during the pledge period should not lead to the failure of the establishment of the pledge right.The standard for actual control of pledges stipulated in the Interpretation of the Civil Code Guarantee System is essentially the result of the establishment of the dynamic pledge right.In practice,the supervisor generally issues the "Pledge List" and other documents to indicate the time to confirm that the pledge is qualified and accepted.It is determined that the supervisor has actually controlled the pledge.This time node also indicates that the pledge right is established and the supervision is opened.And the independent possession of the supervisor is an effective way of publicizing the dynamic pledge right.In the dynamic pledge,the pledge legal relationship is formed between the pledgee and the pledger,and the entrusted supervision legal relationship is formed between the pledgee and the supervisor.Therefore,when the pledge right is not established,the pledgor always assumes the responsibility of the first priority,and if the supervisor is at fault,he shall bear the supplementary responsibility corresponding to the fault.When the supervisor disposes of the pledged material without authorization or improperly manages it and causes the loss of the pledged material,he shall bear the direct compensation liability for the loss of the pledged material.The realization of the dynamic pledge right is different from the floating pledge.The object of the dynamic pledge right is determined at each specific point in time,and the pledge under the minimum value control line is sufficient to guarantee the unpaid creditor’s rights upon maturity,so the realization of the dynamic pledge right on the premise of "crystallization" is not necessary.During the pledge period,the pledgor extracting the pledge is a partial release of the pledge,and the essence of replenishing the pledge is the establishment of a new pledge.Therefore,the dynamic pledge right is a collective pledge right that includes multiple successively established pledge rights,each of which is subject to the priority order rule of static pledge.When the dynamic pledge right is finally realized,the pledgee only enjoys the priority of compensation for the pledged material under the minimum value control line. |
