Research On Pledge Of Margin Account

With the development of China’s market economy,the content and form of financial business are constantly innovating,and margin account pledge is also developing with the development of financial business.The collateral of margin account is favored because it is convenient to set up,the value of the pledged object is relatively stable,and the implementation procedure is relatively fast.Now only have failed the Supreme Court in 2000 the Supreme People’s Court about applicable security law of the People’s Republic of China,the explanation of some issues and article 85 of the current effective the Supreme People’s Court on the guarantee system of the People’s Republic of China civil code applicable interpretation of article 70 of this law to earnest money account pledge.The contents of the legal provisions on margin account pledge in both of them are too single,and there are differences between them,which cannot meet the needs of practice.Therefore,it is necessary to understand and apply them to solve practical disputes.This paper consists of the following five parts:The first part clarifies the concept of margin account pledge.In theory and practice,there is no unified and clear definition of margin account pledge.In terms of its name and pledge subject,it is often confused with bank account pledge.In terms of its practical application,accounts receivable is often indistinguishable from accounts receivable.The first part of this paper will introduce margin account pledge,distinguish margin account and related concepts according to the theory and practice,and make it clear that the subject matter of margin account pledge is the funds in the account rather than the account.The second part discusses the nature of pledge of margin account.In judicial practice,before the Interpretation of Security System came into effect,most courts defined the pledge of margin account as the pledge of movable property under the chapter of movable property in Article 85 of the Interpretation of Security Law,which applies the rules of movable property pledge.A few courts have interpreted it as a pledge of rights.In the theoretical circle,there are also traditional theories such as set-off reservation theory,transference guarantee theory and the newly proposed dual nature theory.However,the collateral of margin account stipulated in Article 70 of the Interpretation of Security System is under atypical guarantee,and the legal nature of collateral of margin account is not clarified after it takes effect.Combining theory with practice,this paper mainly discusses the legal nature of pledge of margin account,discusses several important theories in the theoretical circle,and focuses on the fact that there are many movable property pledge and right pledge in practice.Only when the nature of pledge of margin account is clear,can the discussion continue.The nature of pledge of margin account is right pledge.In accordance with the general interpretation of the civil law of currency possession is all the theory to demonstrate the rationality of the nature of security deposit account pledge is right pledge.The third part analyzes the establishment and effective requirements of the pledge of margin account.The requirements for the establishment of security deposit account pledge include the establishment of pledge contract and the transfer of possession after the subject matter is specified.The pledge of margin account can only meet the pledge conditions on the basis of meeting the pledge agreement,and the written pledge contract shall be established.The subject matter specific is not equal to immobilization,and the subject matter specific only includes account specific but not fund specific,and the fluctuation of funds in the account does not affect the establishment of the pledge right.For the transfer of possession,possession as a condition of security deposit account of the public effectiveness of the determination.Define the effectiveness of margin account pledge registration against third parties.The fourth part analyzes the realization of priority compensation of margin account pledge.Guaranty of earnest money account may be deducted directly by agreement or by applying to the people’s court for deduction.It is efficient and convenient for both parties of the pledge contract of deposit account to directly deduct the funds in the deposit account,which does not violate the legislative purpose of liquid guaranty,and fully embodies the advantage of direct agreement to deduct the deposit.