登记对抗主义下未登记抵押权在抵押人破产时的效力

The effectiveness of unregistered pledges,which follow the registration confrontation doctrine,when the mortgagor files for bankruptcy

登记之对抗力旨在通过允许存有权利冲突的一方拒绝承认另一方的权利诉求来解决登记对抗主义下不可避免的"一物二卖"等难题。故,我国《物权法》规定的未登记不得对抗之善意第三人,仅限于就登记之欠缺具有正当利益之利害关系人。由此,采登记对抗主义的抵押权,在未登记时仍得对抗无担保债权。但在抵押人破产时,基于破产法之集体清偿属性,破产管理人得撤销未登记之抵押权。此外,在破产语境下,尚未进行的抵押权登记将因破产法之自动冻结制度而被禁止,甚至抵押权人于破产临界期内业已完成的登记亦会被管理人撤销。

Registration confrontation by allowing the third party to refuse to acknowledge the other party＇s right,when it can＇t coexist with the former,to appeal to solve the＂properties being sold twice＂issue,which is inevitable for registration confrontation doctrine. Therefore,under the Property Law of China,the bona fides third party,who can＇t be confronted without registration,should be limited to those stakeholders with legitimate interests. As a result,the pledges follow the registration confrontation doctrine,though without registration,can still be valid against the unsecured creditors. But when the mortgagor goes bankruptcy,due to bankruptcy law as a collective proceeding,the bankruptcy trustee should avoid the pledges unregistered. In addition,in the context of bankruptcy,the subsequent registration behavior will be banned due to the automatic stay,even the registration by the mortgagee in the critical period of bankruptcy will be avoided by bankruptcy trustee.