Research On Legal Risk Prevention On Pledge Of Warehouse Receipts

To some extent, pledge of warehouse receipts has become an effectivesolution to the difficult problem of corporate finance as an importantmeans.Because of the different kinds of the warehouse receipts, pledge ofwarehouse receipts gradually has developed into the standard and non-standardwarehouse receipt pledge in practice.Standard warehouse receipt pledge can bedivided into existing standard warehouse receipt pledge and proposed standardwarehouse receipt pledge,which are basically the same both in business processesand legal relations.However proposed standard warehouse receipt pledgeemphasizes the order that is pledge after loan;its business operation is relativelycomplex and the risk is relatively large.Non-standard warehouse receipt pledgecan be divided to existing cargo warehouse receipt pledge and future cargowarehouse receipt pledge，which is basically the same as the standard warehousereceipt pledge.However,its business operation and risk is different.It reveals the basic legal relationship in the pledge of warehouse receipts,thedebt and credit legal relationship,pledge guarantee legal relationship,warehousing legal relationship.Standard warehouse receipt pledge mode involvesa fiduciary relationship between the bank, the applicant, and the exchanges andfutures brokerage contractual relationship.It also involves the replacement,delivery and complement value.It is the same as the non-standard warehousereceipt pledge,however its business operation is different.Standard warehouse receipt pledge is not only regulated by the PropertyLaw and Guarantee Law,but by the unified management of the Exchange,so itfaces low legal risk and is controlled normatively.Contraily， non-standardwarehouse receipt pledge faces much risk, which affects the interests of theparties.On one hand, it encounters risk in standard warehouse receiptpledge,such as whether the pledge registration agency is legal andeffective,whether the right of pledge is established and whether the warehousereceipts can be cashed.On the other hand, it encounters risk in non-standardwarehouse receipt pledge,such as the effectiveness of the warehouse receipt,themultiple rights on the receipt, the legal risk of loss of the right.It takes measuresin standard warehouse receipt pledge,such as the establishment of a unifiedpledge registration agencies, guidelines to standard warehouse receipt pledge,conditions of non-standard warehouse receipt pledge and prevention forlegal risks by contract.In addition,it needs to strengthen the legal risk control byavoiding related party transactions and signing related contracts for pawn,security, and other private financial institutions in non-standard warehousereceipt pledge.