抵押财产转让规则的适用

On the Application of Rules on Transfer of Collateral

在当事人约定禁止或限制转让抵押财产且已登记的情形下,仅在抵押财产转让会影响抵押权实现时,抵押权人才应有权主张转让对其不发生物权效力,且该约定的登记不应影响抵押财产的所有权转移登记。与此同时,有必要将我国《民法典》第406条第2款规定的抵押权人的权利解释为物上代位权,除抵押财产转让有可能损害抵押权的情形外,只要抵押权人愿意,就应允许其进行物上代位。此外,受让人可以依据我国《民法典》第524条而代为履行全部债务,使抵押权消灭,但这不同于域外法上的涤除权,通常仅在抵押财产的市场估价高于其所担保的债权总额时,才会成为受让人的选择。否则,除抵押权人主动选择物上代位之外,只能通过抵押权人、抵押人与受让人的三方协议才能消灭抵押权。

When the parties agree on the prohibition or restriction on the transfer of collateral and register such prohibition or restriction,such registration shall not influence the registration on the ownership transfer of the collateral,and only if the transfer of the collateral can influence the realization of mortgage,shall the mortgagee have the right to claim that such transfer does not enjoy the real-property effect to him/her/it.At the same time,it is necessary to interpret the right of the mortgagee set forth in Paragraph 2 of Article 406 of Civil Code of China as right of subrogation,and if the mortgagee agrees,it is allowed to let him/her/it exercise the subrogation except in a situation that the transfer of the collateral may impair the mortgage.In addition,the assignee may,according to Article 524 of Civil Code,perform all the debts on the debtor’s behalf to extinguish the mortgage,but it is different from the right of terminating mortgage in foreign laws,which will become the choice of the assignee only when the market price of the collateral is higher than the total amount of secured creditor’s rights.Otherwise,unless the mortgagee chooses the subrogation on his/her/its own,the mortgage can only be extinguished through the tripartite agreement among the mortgagee,the mortgagor and the assignee.