企业动产动态质押的体系化释论

On the Systematization of Dynamic Pledge of Enterprise Movable Property

企业动产动态质押质物的流动性与设立方式的特殊性,有效平衡了企业经营自由与融资担保的双重需求。在质押期间,担保存货实体特定与价值特定呈现动态匹配关系。与浮动抵押相比,动产动态质押具有其独特价值,实为功能化的动产质押。动产动态质押权设立的判断标准应为监管人实际控制质物,其公示方式应为“占有”而非“登记”。“占有”包括质物处于第三人仓库①内时质权人和出质人共同间接占有质物、质物处于出质人仓库内时监管人与出质人共同直接占有质物两种模式。此类占有能够起到质权公示作用,提示潜在再融资债权人以及交易第三人。即使监管人未做到质权公示,也可适用善意取得制度。质权人所受损失可通过其与监管人的协议寻求内部救济。

The liquidity of the dynamic pledge of corporate movable property and the particularity of the establishment method effectively balance the dual needs of corporate freedom of operation and financing guarantees.During the pledge period,there is a dynamic matching relationship between the entity specific and the specific value of the deposit.Compared with floating mortgage,dynamic pledge of movable property has its unique value,and it is actually a functional pledge of movable property.The judgment standard for the establishment of the dynamic pledge of movable property should be that the supervisor actually controls the pledged property,and the publicity method should be“possession”rather than“registration.”“Possession”includes the direct possession of the pledge by the third-party supervisor,the indirect possession of the pledge by the pledgee and the pledger,and the direct possession of the pledge by the supervisor and the pledger.Such possession can play a role in publicity of pledge rights and prompting potential refinancing creditors and third parties in transactions.Even if the custodian fails to publicize the pledge,the good faith acquisition system can be applied.The pledgee can seek internal remedies through the agreement with the custodian.