| With the development of our country’s social economy,the traditional guarantee mode is no longer able to meet the financing needs of the current market participants.The establishment of the Pledge of Accounts Receivables system enables enterprises to make use of their high deposit assets to pledge them to the pledgee,and obtain loans quickly to shorten their funding cycle.However,the current laws and regulations on the quality of accounts receivable are not systematic,especially in the stage of establishing the pledge rights.Based on the characteristics of the pledge of credit,this thesis aims to investigate the institutional regulations on accounts receivable pledge in foreign laws from the perspective of balancing the pledgee,pledger and the debtor,and hopes to discuss how to improve this system.Apart from the introduction,this paper consists of five parts.In the first section,through relative regulations from the Property Law,the Measures for the Registration of Pledge Receivables and the financing service platform of People’s Bank of China’s Credit Reference Center,this thesis argues that: on one hand,the Property Law in China only provides regulations about the “registration validity”,which exists merely as a principle.The Property Law contains no final verdict about the legal validity of noticing the debtor,nor has it taken into account the characteristics of the pledge of credit.On the other hand,the scope and procedures of the Pledge of Accounts Receivables remain unclear,and related regulations are still at a low legislative hierarchy,making it impossible to fully realize the collateral value of this system in practice.Thus,by indexing several practical judicial issues,including the scope,requirements and remedial measures regulated by this system,this part aims to set up a solidary basis to direct the study of comparative law and the discussion of means to improve the system in concern in the following sections.The problem of the unclear scope of the quality of accounts receivable in China is discussed in the second section.Firstly,the investigation of the scope of corpore in the Uniform Commercial Code(UCC)in the United States of America and in other regulations in civil law countries shows that,under mature systems,the scope of accounts receivable is generally expansionary.Moreover,some countries even employ the model of “pledge of credit” to regulate the pledging process.Secondly,Measures for the Registration of Pledge Receivables clearly stipulates that pledge can be set for the future accounts receivable butwith the meaning of “future accounts receivable” left undefined,rendering it hard for such accounts to acquire specificity and thus lacking the possibility of being regard as qualified corpore of real right.Thirdly,“toll collection right”,as a special the Pledge of Accounts Receivables,with its characteristics of being the “public good” and having administrative privilege,is deemed as something unsuitable to pledge.However,the “toll collection right” is conducive to the further development of the market and can serve as a long-lasting and stable revenue,so regulations concerning this issue still need to be clarified.In the third section,how to regulate the requirements in the establishment of the Pledge of Accounts Receivables in China is discussed.For this issue,there are three legislative patterns,namely “delivering documents of creditor’s rights”,“noticing obligors” and“registering the pledge”,with Property Law in China taking the third approach.However,the existing laws in China have made no certain clarification of whether to notify obligors or not lack of unified rule.The specificity of the pledge of credit renders the performance of obligors an essential element in the realization of the pledging process,so the establishment of the noticing system is of great necessity.In the fourth section,we discuss how to deal with the defects in the establishment of the Pledge of Accounts Receivables in China.Effective performance of obligors is an important prerequisite for the realization of the Pledge of Accounts Receivables.However,it is common for us to witness pledge with false information,low efficacy and unqualified contents.Thus,in practice,persons liable should be clearly stated to mitigate the negative impact derived from defects in the system.In addition,under the current “unilateral registration system” of pledgees,registration errors are inevitable.Therefore,incorporating the “tripartite registration system” would be an effective approach to reduce mistakes in registration and to avoid the loss of money in the process.The fifth section puts forward some suggestions about the improvement of the Pledge of Accounts Receivables in China.In terms of the scope of corpore,this paper aims to clarify the definition of “future accounts receivable” and “toll collection right” in order to avoid problems caused by the right itself in the establishment of pledge.In improving the requirements in the process concerned,this paper adopts the “noticing-the-third-person system”.In addition,in coping with the defects in the current system,this paper proposes to clarify the separation of duties among three types of stakeholders concerned and improve the“unilateral registration system”,so as to balance the rights and obligations of the pledgee,thepledger and the debtor and to fully realize the institutional function and value of this system. |
