涉存货动态质押案外人异议之诉权利判定及对抗效力

Determination of Rights and Countervailing Effect of Outsider's Objection to Dynamic Pledge of Inventory

存货动态质押质物具有流动性且以共同占有为公示方式,较之传统质押模式具有显著灵活性优势,但也蕴含权利冲突风险。除正常设立存货动态质押权外,善意取得规则也可适用于因无权处分设定质权等担保物权或所有权的情形,受让人若为专业信贷机构或其他商事主体,则其注意义务更高,“善意”的认定标准较普通民事主体更为严格。案外人异议之诉中,判断是否足以排除强制执行,应当综合考虑申请强制执行人与案外人享有的实体性权益,以及双方的利益衡平。案外人享有的存货动态质押权原则上不得排除申请强制执行人金钱债权的强制执行,除非此时强制执行会大幅减损存货价值;案外人享有的所有权与申请强制执行人的存货动态质押权对抗时,优先保护合理信赖权利外观公示一方的利益,丧失利益的一方可以基于基础关系寻求内部救济。

A dynamic pledge of inventory,with its liquidity and publicity in the form of joint possession,offers significant flexibility advantages over the traditional pledge model,but also carries the risk of a conflict of rights.In addition to the normal establishment of a dynamic pledge of inventory,the rule of good faith acquisition can also be applied to the creation of a security right or ownership right due to a disposition without right,and if the transferee is a professional credit institution or a commercial subject,its duty of care is higher,and the determination of"good faith"is stricter than that of an ordinary civil subject.In the case of an objection by an outsider,the substantive rights and interests of the applicant and the outsider,as well as the balance of interests of both parties,should be taken into account in determining whether it is sufficient to preclude enforcement.In principle,the dynamic pledge of inventory enjoyed by the outsider shall not exclude the enforcement of the monetary claim of the applicant for enforcement,unless the enforcement would substantially diminish the value of the inventory;when the ownership right enjoyed by the outsider is counteracted by the dynamic pledge of inventory enjoyed by the applicant for enforcement,priority shall be given to the protection of the interests of the party who reasonably relies on the publicity of the appearance of the right,and the party who loses the interest may seek internal remedies on the basis of the underlying relationship.