The registration confrontation rule is an optional transaction security protection mecha-nism provided to the chattel mortgagee to address the potential risks of secured transactions that may a-rise from the right establishment model of consensualism.Based on its normative significance and func-tion,resolving the conflicts between chattel mortgage rights and other security rights established on the same chattel is a key normative content of the registration confrontation rule.According to the priority rule,the assertion that third parties in the registration confrontation rule do not include security right holders but primarily refer to buyers and lessees of the mortgaged property severely limits the signifi-cance and function of the registration confrontation rule.A thorough analysis of the significance and func-tion of the registration confrontation rule and the priority rule in resolving conflicts between competing chattel mortgage rights reveals that the priority rule is necessary to resolve conflicts between competing security rights.The purpose of the priority rule is not to change,deviate from,or surpass the registra-tion confrontation rule but to provide an objective standard for assessing transaction risks in secured transactions based on the registration confrontation rule,to reduce transaction costs and facilitate secured transactions.
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