Research On Legal Issues Of Future Property Guarantee

With the vigorous development of the market economy in our country, the traditional way of financing guarantee cannot meet the current requirements of market participants. New ways of guarantee emerged, targeting at future property, such as floating mortgage, pledge of accounts receivable and mortgage of projects under construction. These new ways of guarantee play a very important role to broaden the market participants’financing channels. However, the term "future property" is not the mainstream academic vocabulary, which only appears in the writings of several scholars.In our current law, though acknowledging the legitimacy of these new ways of guarantee,conflicting provisions in some relevant laws and regulations, the backwardness and even absence of supporting measures have hindered the future full play of property insurance..Whether in theory or in practice, it is necessary for us to study and discuss the legal issues of future property guarantee. This paper is divided into five main parts.The first part is the definition of property guarantee for the future. "Future property" is not acknowledged as a formal legal term in our country. The author combs and summarizes the law in our country, called these types of property as the "future property". So firstly it is necessary to define the concept and the scope of this term. Secondly, the author analyzes the necessary distinction between the traditional property and future property, and generalizes three types of future property guarantee in our country. At the same time, this paper expounds the conflicts and running-ins between the traditional property and the future property.The second part is mainly investigates the future property guarantee system abroad. This paper briefly introduces the historical development of future property guarantee system abroad, selecting three representative countries, respectively the United Kingdom, the United States, and Japan. Comparisons and analyses are conducted from four aspects of the relevant system, namely the qualification of the subject, the scope of object, the registration system and the implementation of guarantee, striving to provide suggestions and ideas to construct the future property guarantee system in our country.The third part is the main part of the paper. It mainly evaluates the future property guarantee in our country, based on floating mortgage, pledge of accounts receivable, mortgage of projects under construction. By means of combing the provisions of three guarantees and combining the practice summaries, the author analyzes the risk in legislation and practice in depth.The fourth part is the main part of the paper. It provides suggestions concerning the risks in legislation and practice of future property guarantee in the third part. The suggestions are for the qualification of the subject, the scope of object, the registration system and the implementation of guarantee. At the same time, it explores the prevention of practical risk in future property guarantee. Considering the commercial banks are the main participants involved, the author explores the prevention of risks from the commercial banks’view, inorder to make a contribution to avoiding the risk of future property guarantee in practice.Due to the enterprises’financing needs and the development of the banks in market economy, as an emerging thing, the future property guarantee will be recognized by the judicial and legislative institutions after the summary and specification in practice as the pledge of accounts receivable. But under the current legal framework, there is still a great risk in law. To further standardize the future property guarantee, it is necessary to carry out the legal analysis and practical discussion.