A New Interpretation of Publicity of Chattel Dynamic Pledge Regulated by Article 427 in the Civil Code——And Falsification of Article 55 of the Interpretation of the Guarantee System
There are common looming concerns in the dimensions of supervision and publicity in various operation modes of inventory security such as entrusted supervision,unified credit granting,and pledge bank,i.e.,the status of the supervisor and the choice of publicity form under the supervision mode of dispatching personnel;the conflict particularly sharpens when dynamic pledge guarantee methods are adopted.Article 55 of the Interpretation of the Guarantee System,as it,unifies the establishment,exist-ence,and publicity of dynamic pledge according to the requirements of formalism,which embodies the improper insistence of"the principle of publicity of chattel through possession"in traditional civil law,not conforming to the legislative trend of free establishment of chattel security in China,contrary to the overall functionalist tone of the Interpretation of the Guarantee System,and prone to an unreasonable ex-pansion of the responsibilities of supervisors,should be changed.It is proposed to modify the provisions of Article 55 of the Interpretation of Guarantee System on the establishment and publicity of dynamic pledge through"actual control",and to publicize and establish chattel dynamic pledge through registe-ring with a general description so as to implement the recognition of the free establ ishment of chattel secu-rity in the Civil Code.
dynamic pledgemanner of publicitynon-possessory pledgesupervising responsibilitiesgeneral description
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