For subrogation of security interest,the Article 390 of the Civil Code does not make any different expression from the Property Law.The Judicial Interpretation of Guarantee System has repaired its implementation procedure from the perspective of systematic interpretation,but it is still far from perfect.Proceeding along the path of systematic interpretation,following the attribute of value right of security interest and the juridical principle of real right,it is realized that the object of subrogation is the right of claim of certain creditor's right,and the right of mortgagee based on subrogation should be characterized as legal mortgage of creditor's right.In response to the paradigm shift of security law from real property guarantee to income guarantee,the application of subrogation of security interest stipulated in Article 390 of the Civil Code should not only be interpreted in terms of textual meaning,but should be comprehensively considered from the perspective of system purpose and system coordination,and shall be interpreted as including transfer,reciprocity and other relative loss situations.The exercise of subrogation involves the balance of interests of the third party such as the security interest holder,the guarantor and the payment obligor,so the exercise rules should be perfected around the preservation and definition of the subrogation property,including the notice and duty of care of the relevant parties,and the identification and publicity of the subrogation property.
security interestsubrogation of thingslegal mortgage of creditor's rightrelative losspreservation and definition
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