Research On The Normative Elements Of The Ruler Of Buyer In Ordinary Course Of Business In Article 404 Of Civil Code

It is necessary and reasonable to expand the scope of application of the rule of buyer in ordinary course of business.The bona fide acquisition system and the rule of buyer in ordinary course of business are unified in the buyer protection system,and at the same time they are relatively independent,so there are differences in the identification of specific regulatory elements.The application of the rule of buyer in ordinary course of business focuses on whether the seller’s "ordinary course of business" are sufficient to make the buyer feel reasonable trust.China does not need to introduce the concept of“good faith”in comparative law into the rule of buyer in ordinary course of business,The Civil Code has set "a reasonable price has been paid," which is sufficient to balance the interests of all parties.Most of the restrictions on the buyer in ordinary course of business in the“Interpretation on Guarantee System”have defects in the provisions,which need to be resolved by the method of purpose interpretation."A reasonable price has been paid" should be understood in a flexible manner,so long as it is consistent with customary and commercial practice and satisfies the exchange value sought by the security holder,rather than requiring that the requirement has actually been paid.It is more beneficial to bring into play the system value of the rule of buyer in ordinary course of business if "obtaining mortgaged property "is understood as the identification of the subject matter.