物权证券的法律结构与立法选择

On the Jurisprudence and Legislation of Documents of Title

提单、仓单等物权凭证在我国现行法上的法律地位未臻明确,导致了权利变动与设定担保过程中的诸多争议。此类权利凭证的法律属性受制于法律规范和交易习惯的双重张力,妥当的规范立场应当建立在业已形成的商事交易习惯之基础上。循我国物权法的规范框架,提单、仓单等物权凭证并非所有权证券,而是表征动产间接占有的物权凭证,物权变动除了需要权利凭证的交付之外,尚需要当事人之间的权利变动合意。基于物权证券化的过程,间接占有动产的权利状态可得以体现于证券之上并产生推定效力,交付物权证券实则产生交付物权证券项下动产的法律效果。然而,物权证券的交付所能产生的效力,实则仰赖于作为特别法的商事规则,并不能直接从物权法规则中得出。基于民商合一的立法技术,我国民法典物权编部分应当纳入物权证券的效力规则。

The legal status of documents of title is not clearly stated under Chinese law, which has caused many disputes in practice. The legal nature of documents of title is constrained by the legal rules and commercial custom. Basing on the commercial practice, the documents of title are not securities of ownership, but the proof of possession and delivery. After securitization, the documents of title stands for the constructive possession of goods, and the delivery of the documents stands for the delivery of goods. Besides, the goods could only be sold and delivered through the documents of title. The above rules should be adapted into the coming Chinese Civil Code.