The Research On The Applicability Of Acquisition Mortgage System In China

On the basis of foreign legislation and domestic practices,the rule of acquisition mortgage right purchase mortgage is added in the present legislation of our country.The rule has irreplaceable advantages in exerting the utility of collateral and promoting financing.Under the diversified legislation mode of security interests of movables in our country,the principle of acquisition mortgage right shall be extended to title retention and finance leases,which is the essential requirement of the purchase financing transaction,and is also the performance of the transformation of legislation conforming to the functional doctrine of chattel security.Therefore,the thought of "ownership+recall right" under formalism should be changed into the thought of "mortgage+super priority sequence" under functionalism.In terms of the creation and publicity of purchase money mortgage right,purchase money mortgagee includes Collateral Sellers and Third Party Loans..The collaterals shall not exclude intangible properties,and there must be a certain internal correspondence between the collateral and the secured creditor’s rights.The mortgagee is not required to establish the automatic publication system of consumer goods,nor is it required to bear the legal obligation of notice imposed on the mortgagee by means of the purchase price of the inventory.As for the priority of acquisition mortgage right,it shall be specified that several acquisition mortgage rights shall be equally protected in the event of coexistence,and the sequence of priority shall be determined based on the time of registration of acquisition mortgage rights.Acquisition mortgage right shall have priority over all optional Liens created by a Mortgagor and shall be inferior to civil liens but may have priority over commercial liens.With respect to the connection and application of rules on acquisition mortgage rights,the dual status of the acquisition mortgagee in cross security shall be recognized,but the scope of creditor’s rights secured by acquisition mortgage rights shall not be extended to other acquisition creditor’s rights.The super priority in repayment of acquisition mortgage right shall not be affected by changes to the secured creditor’s right,except for the refinancing that is not used to repay the original acquisition.The general rules for transfer of mortgaged property do not apply to the acquisition mortgage right completely.Where the mortgaged property is transferred before the acquisition mortgage right is registered on schedule,the acquisition security interest may also be traced to the mortgaged property.The buyer in the normal course of business shall not be subject to the pursuit of the mortgage interest of the purchase money,unless the buyer knows that the seller’s transfer damages the security interest of others.