A Study On Legal Issues Of Realizing Bill Pledge

Whether the realization of the pledge of bills is affected by the flaws in the validity of the pledge contract depends on whether the pledge of bills is a kind of bill act or just a general civil guarantee.Bill pledge behavior is bill behavior.In terms of formal requirements,like the act of bills,the pledge of bills also needs to record relevant matters on the bill and deliver the bill.In terms of substantive definition,the act of pledge of bills also aims to generate the creditor-debt relationship on the bills.Attributing the pledge of bills to bill behaviors is more conducive to balancing the legitimate rights and interests of all parties.And the preferential application of the Negotiable Instruments Law is also in line with the relevant provisions of my country’s Legislation Law.When the pledgee exercises the right of the bill,as long as the act complies with the provisions of the Negotiable Instruments Law,regardless of the validity of the negotiable instrument cause relationship,the instrument debtor shall perform the payment obligation.Because the act of negotiable instrument is without cause,and it has the effect of defense cut off.The relationship between the pledgee and the pledgor when the pledge of the bill is realized determines whether the debtor of the bill can oppose the exercise of the pledge of the bill with the reasons between him and the pledgor.The former problem depends on the ownership of the right of the bill when the pledge of the bill is realized.The pledgee of the bill is not the agent of the bill pledgor when the conditions for the realization of the pledge right are fulfilled,and it is also different from the subrogator in the security of debt.The pledgee of the bill is an independent subject exercising the right of the bill on the basis of obtaining the pledged bill right.On the one hand,the loosening of the absoluteness of "no fluids" creates a theoretical space for the pledgee of the bill to obtain the right of the bill.On the other hand,there is no essential difference between the specific legal effect of the realization of the pledge of the bill and the transfer of the right of the bill,so the rights and legal status of the pledgee of the bill should also be similar to the general assignee of the bill.Accordingly,when the pledge of the bill is realized,the debtor of the bill and the pledgor are not directly related,and the debtor of the bill shall not oppose the realization of the pledge of the bill in accordance with the second paragraph of Article 13 of the Negotiable Instrument Law.The judicial interpretation of the negotiable instruments law has contradictory provisions on the validity of the pledgee’s re-endorsement to transfer the pledged negotiable instruments.And whether the behavior is valid or not is related to the expansion of the realization method of the pledge of bills.When the due date of the pledged bill is later than the due date of the pledgee’s main creditor’s right,the pledgee of the bill shall be allowed to transfer the pledged bill after the fulfillment of the conditions of the pledged right realization.First of all,the pledgee of the bill has the right to dispose of the pledged bill when exercising the pledge.Secondly,it is unnecessary to unconditionally allow re-endorsement to transfer pledged bills.Thirdly,the realization method of this kind of bill pledge is compatible with the current realization method of property pledge in my country.Finally,adding the realization method of the pledge right of the bills can enable the pledgee to reduce the losses caused by the occupation of funds and promote the circulation of the bills.