Research On Purchase Money Security Interest In China

The Purchase Money Security Interest(PMSI)originated from the real estate mortgage system in the United Kingdom.Later,in 1990,the United States "Uniform Commercial Code" expanded it to movable property,and after it was perfected,it was inherited by various countries.Although the PMSI has been applied outside the territory for a long time,as an exception rule of the movable property security real right system,there are two kinds of disputes in the process of introducing this system in China: objection theory and affirmation theory.Article 416 of the civil code establishes China’s system of super priority of price gold on the basis of the extraterritorial system of super priority of price gold.The innovation of Article 416 of the Civil Code is a further improvement of existing guarantee system of China,which can reduce the legal risk of the coexistence of movable property floating mortgages,it also plays a positive role in optimizing the business environment of small and medium-sized enterprises and balancing the interests of debtors,prior guarantors and price super priority holders.The interpretation of the guarantee system explains the application of the super priority of money.From the perspective of scope of application,China’s price super priority is mainly applicable to the coexistence of movable floating charges,ownership retention and financial leasing;From the perspective of the applicable conditions,the principal creditor’s right is the price corresponding to the collateral,while the object is the movable property purchased.According to the regulations,the mortgage registration must be completed within 10 days after the delivery of the subject matter,mortgage parties are the buyer(debtor)and the seller(creditor);From the perspective of applicable risks,first,there is the risk of the parties abusing the PMSI;second,there is the risk of capital increase by the prior secured party;third,there is the existential risk of the PMSI,and fourth,there is the Distinguishing risk of movable property in rights.By sorting out and comparing the PMSI systems of the United States,Canada and New Zealand.it can be found that the PMSI system in the United States is more comprehensive and systematic,and there are many places that we can learn from.For example,whether to classify the relevant movable property,whether it is necessary to inform when financing and refinancing,etc.However,no matter how to learn from it,it is inseparable from the actual situation of our country.Therefore,it is necessary to carry out localized adaptation research and regulation in line with China’s national conditions in order to effectively play its role.On the basis of learning from the relevant foreign systems,this paper attempts to analyze the scope and conditions of application,and puts forward the specific countermeasures for the application risk of the price super priority,in order to complete the adaptation and improvement of the price super priority system and China’s local dynamic soil.The first is to carry out risk regulation on the specific behavior of PMSI,and prevent the price from exceeding the priority through the effect and implicated relationship of the parties’ laws under the scenario;The second is to clarify the obligation of notification to the prior secured party,stipulating that the price secured party has the obligation to notify the prior secured party in advance;The third is to address the issue of the existence of the price security right,and it is suggested to add the rules for the existence of the price after the transfer of the movable property collateral in the PMSI;The fourth is to draw lessons from the provisions of the Uniform Commercial Code of the United States,and make a certain degree of division of the types of chattels set in the PMSI;The fifth is to refine the applicable requirements of the PMSI.At the beginning of the introduction of this system,our country will face the risks and tests of local practice to a large extent,which requires us to continuously improve and develop in practice,adjust accordingly according to the new situation and development status,so as to promote the process of a society ruled by law.The PMSI will inevitably have more vigorous vitality with the application of laws and judicial practice.