Rule Construction of the Way of Realization of Mandatory Administration of Mortgage Rights
Mandatory administration is an important mechanism for realizing mortgage rights in a low-cost and efficient manner.The institutional framework for the mandatory administration of mortgage rights should cover the general rules of mandatory administration,the rules of mandatory administrators,and the distribution of the proceeds from administration.Regarding the general rules of mandatory administration,Taking into account the general rules of comparative law,practical and theoretical propositions,and the provisions of previous drafts,it is proposed that the object of application for mandatory administration should not be restricted.Additionally,the substantive and procedural conditions for the commencement of mandatory administration should be clarified,rules regarding the form and effect of the instrument for commencing mandatory administration should be clarified,and provisions for the termination of mandatory administration should be added.Regarding the rules of mandatory administrators,special provisions should be made on the obligations and liabilities of administrators,and special circumstances concerning management by multiple persons should be addressed in the future.Regarding the distribution of proceeds from administration,it is desirable to clarify the subjects involved in the distribution and the criteria for such distribution in the future rules.
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