《民法典》第416条购买价金担保权之适用风险探析

The Application Risks of the Purchase Money Security Interest of Article 416 of the Civil Code

购买价金担保权是新债权人为债务人所购标的物提供价款,而享有的优先于原抵押物上在先担保权益的超级优先权,是我国《民法典》第416条引入的全新制度。购买价金担保权之设立有利于破除在先担保权人之"位势垄断",实现在先担保权人、债务人和新债权人之共赢,促进交易市场的可持续化发展。在我国法律体系中,购买价金担保权可适用于动产浮动抵押和动产固定抵押两种情形,具有融资款需与标的物价款一致、10日等候期等特点。然而,由于现行规定过于简单,从三方当事人的角度分别存在债务人转移资产新设购买价金担保权架空在先担保权、在先担保权人盲目增资、新债权人再融资和多重购买价金担保权竞存等风险。本文结合美国法的判例实践,建议对购买价金担保权加以适当的限制性规定,同时建议当事人在投资时审查标的物上担保权益,审慎约定融资目的,留存相应证据以免承担额外风险。

The Purchase Money Security Interest(PMSI)is a new entitlement introduced in the Civil Code,article 416.Its ownership belongs to the new creditor,who provides the purchase price to the debtor,and is entitled with super-priority over the prior security interests of the original collateral.The birth of PMSI contributes significantly to market sustainability,as it breaks the"situational monopoly"of the prior security interest holder,hence strikes a win-win balance among the prior security owner,the debtor,and the new creditor.Under Chinese legal system,the PMSI can be applied to mortgages on movable property(both floating and fixed),which dictates the amount of financing equals to the underlying price;a 10-day waiting period,and so on.However,current PMSI provisions are too concise to avoid many operational risks,such as overriding of the prior security right of the debtor by creating a new PMSI and transferring assets,and mindless capital accumulation of the prior security interest holder,and more.In light of the U.S.legal jurisprudence and practices,it is suggested that appropriate restrictive provisions should be imposed on the PMSI;that parties ought to review the existing security interests,then agree with prudence on the purpose of financing,and retain necessary evidence when investing so as to avoid undue risks.