The Examination of the Mortgage Right Pertaining to Seized and Detained Property
In situations where the residual value of the seized property proves insufficient to fully satisfy the creditor's claims of the applicant for execution,or when the property in question is indivisible,the scheme that permits the establishment of mortgage with restricted effectiveness offers a potential solution.This approach can prevent property value underutilization,protect the fi-nancing and payment interests in a balanced manner,and do not affect the public order of execution.Thus it should be a unified interpretation of Civil Code and Compulsory Execution Law(Draft),with existing registration system supporting it.The mortgage effect should distinguish between the debtor's financing purpose and act,coupled with review by the executive court.If the mort-gage proves detrimental to the applicant for enforcement interests,its effectiveness remains relative.Consequently,the applicant for execution should hold precedence over the mortgagee,followed by priority over general creditors.Whether the mortgagee is in-ferior to the applicant waiting for seal up needs to be judged according to his application time for seal up.In case of bankruptcy,the applicant for execution loses its superior standing to the general creditor,and the mortgage right is also regulated with the bankruptcy cancellation right.
seal updistrainmortgage registrationrelative effectpriority payment
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