Study on the New and Old Debt Conversion Mechanism of Financial Institution Debt Restructuring from the Perspective of Civil Code
Replace the old debt with the new one,also known as repaying the old debt with the new one,is an important way of debt restructuring which belongs to generalized way in contract modification.As far as contract performance is concerned,repaying the old debt with the new one is the change of contract elements in which the old debt is eliminated by the new debt.In terms of the legal effect of replacing the old debt with the new one,its essence is the extension of the original creditor's debt relationship through the form of repaying the old debt with the new one,and it is a change of the non-elements contents of the original debt contract such as the loan term,loan interest rate,the purpose of the loan and guarantee conditions.The replacement of the old debt with the new one is in line with the constituent elements of the broad contract modification,and the parties related to the contract are essentially the same.After both parties reach an agreement to repay the old debt with the new one,they objectively carry out the behavior of repaying the old debt with the new one.In accordance with the rule of the effects of the modification of the main contract which is abided by the contract modification of replacing the old with the new,the guarantee is subordinate to ensure the realization of the creditor's priority to be repaid.In the case of the same guarantor,the failure to make publicity registration in the case of replacing the old with the new debt does not affect the precedence effect of the mortgage.
debt restructuringgeneralized contract modificationrepaying the old debt with the new onesubstantial identity
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