Research On The Perfection Of China’s Floating Mortgage System

The original purpose of the floating mortgage originated from the common law system of the United States and the United States was to set up the purpose of effectively solving the problem of financing difficulties and large stocks of enterprises.After long-term development,many countries have used it for reference.The emergence of the floating mortgage system has broken the principle of "one property,one right" of the traditional guarantee system to a certain extent.The mortgagor uses the property or income obtained in the future as collateral and enjoys the right to freely dispose of these collaterals before the floating mortgage crystallizes,so that the collaterals are used to the greatest extent in space and time,and are better integrated and allocated.Various resources have brought many conveniences and advantages to the development of the enterprise.The floating mortgage system is the product of a certain period of social and economic development.Since the reform and opening up,China’s economic development has achieved a qualitative leap,and a large number of enterprises have sprung up like mushrooms.The narrow financing channels and high financing costs of enterprises have become a huge barrier on the development of enterprises.In order to effectively alleviate such pressure on enterprises,China has stipulated a floating mortgage system in the 2007 Property Rights Law.After more than ten years of development,the floating mortgage system has indeed added a lot of vitality to the development of China’s economy to a certain extent.However,China’s regulations on the establishment of the floating mortgage system are relatively general and broad,which reduces the application rate of the floating mortgage to a certain extent and cannot effectively play the function and role of the floating mortgage system.At the same time,the narrow object range of floating mortgages also limits the application of floating mortgages,which makes the rights of mortgagees not effectively protected.In addition,due to the imperfect registration system of floating mortgages,the actual registration procedures are relatively chaotic and a unified standard and system cannot be formed.Moreover,the ambiguity of the priority payment order of the floating mortgage system makes it difficult to guarantee the realization of the final rights of the floating mortgagee,which is not conducive to the security and stability of the transaction.Finally,the lack of the realization system of the floating mortgage system is not only detrimental to the mortgagor’s needs for its own development,but also not conducive to the realization of its rights by the mortgagee,and ultimately harms the development of the entire society and economy.After comparing foreign regulations on the floating mortgage system,it is not difficult to find that the content of the subject,precise positioning of the floating mortgage system,the improvement of the registration system,the clarification of the priority right,and the introduction of the receiver system are all things that China needs to learn from.And improvements.Based on this,we should combine the target value of China’s floating mortgage system with the current state of China’s economic development,improve the floating mortgage system,and indeed play the function and role of the floating mortgage system.First of all,it should be clear that only enterprises are the main body for the establishment of China’s floating mortgage system,and individual industrial and commercial households and agricultural production and operation operators are excluded.Secondly,the scope of the floating mortgage system should be further expanded to include all valuable movable assets,intangible assets,and rights certificates into the scope of the floating mortgage.Thirdly,improve the registration procedures of the floating mortgage system,stipulating that changes should be registered after crystallization.Then,the priority order of compensation for floating mortgage rights should be clarified,and the priority of compensation rights registered earlier should follow the order of registration of floating mortgage rights.When a floating mortgage right and a fixed mortgage right coexist on a thing,it should not be stipulated that the fixed mortgage right takes precedence over the floating mortgage right.Finally,the introduction of the receiver system allows the mortgagor and the mortgagee to have the opportunity to protect their interests to the maximum when the floating mortgage is finally crystallized.