动产担保权益延伸的合意路径

The Consensual Approach to Extending Security Interests In Personal Properties’Proceeds

正常经营买受人规则以及动产担保的固有特点引发保护动产担保权人利益的必要。动产担保权自动延伸至担保财产收益的观点在现行法下无法立足。当事人可通过合意在担保财产收益上设定担保权。稳妥的作法是组合设定浮动抵押、应收账款质押和账户质押。当事人亦可概括约定“担保权覆盖因担保财产产生的收益”。基于对担保权人设定担保的交易成本与潜在第三人获取信息便利度之间的衡量,此种约定即便被登记,原始担保权的对抗和顺位效力也只能顺延至应收账款这类收益上,对此的例外是相关收益能够被原初登记的担保财产类型所覆盖。

The rules of“buyer in ordinary course of business”and inherent characteristic of chattel security give rise to the need to protect the interests of secured party.The opinion that a security right automatically extends to the proceeds of the collateral cannot be supported under current Chinese law.The parties may create security interests in the proceeds of collateral through agreement.A prudent way is to create a combination of securities,i.e.,floating mortgage,pledge of account receivables and pledge of bank account.A general agreement stipulating that"the security interests covers the proceeds of the collateral"shall also be valid.However,considering the balance between the transaction costs for the secured party to create and perfect the security on proceeds and the convenience of potential third parties to obtain information,the perfection of the original security right-even if the security interest in proceeds is registered-can only be extended to receivables but not to other types of proceeds,unless the relevant proceeds are covered by the type of collateral originally registered.