In terms of normative construction,commercial law does not deny the effect of"a-nonymous transaction",and only limits the legal effect of anonymous transaction to specific parties by highlighting the principle of externalism.In accordance with the principle of"the same deal with the same",whether the deal is a hidden investment,or a hidden house purchase,a hidden car pur-chase,a hidden boat purchase,etc.,it seems that they should adhere to the same logic of"appear-ance priority",which is an important measure to maintain the order of commercial transactions and promote the safe flow of registered property.However,in practice,through judicial interpretation and judgment in individual case,the court makes the unregistered"actual rights"against the third party or even against the court enforcement under certain circumstances,which fundamentally shakes the principle of externalism.This kind of"anonymous transaction"position not only damages the trans-action expectation,increases the transaction cost,but also increases the execution difficulty of the court,and ultimately makes it difficult to form and maintain the"legal transaction order"that com-mercial law tries to construct through externalism.Due to the excessive sympathy of the court to"a-nonymous transaction"on some occasions,the external influence of"anonymous transaction"is im-properly expanded,and the"conceptual order"that externalism tries to form is destroyed.We must return to the original position of the law and judge the effectiveness of"anonymous transactions"un-der the premise of respecting externalism,and we should not easily allow"anonymous transactions"to obtain the effect of"appearance registration"with the help of the power of the court.
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