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Gao Shengping: Legislation of The Security Transfer of Chattel

Abstract: The security transfer of chattel has been developed through practice, theory and cases. Its concealment, and in conflict with numerus clauses and lex commissoria, damaging the interests of the debtor in the process of implementation and other defects, have been widely criticized. The chattel mortgage and security transfer of chattel have their own legal construction, implementation method and other systematical characteristics respectively. They can coexist in Chinese Civil Code. The security transfer of chattel should be constructed as security interest and use filing as the publicity method. Under the notice filing, due to the less content to be registered, the public filing wont expose the economic situation of the parties too much. After the electronic transformation of the filing system, the registration costs are controllable, the overall costs of secured transactions wont be increased. The method for the implementation of the security transfer of chattel shall be agreed upon by the parties, in which the obligation of liquidation should not be eliminated, and if the agreement is not made or not clear, the affiliation liquidation shall be adopted.

Key Words: Security Transfer of Chattel; Chattel Mortgage; Lex commissoria; Notice Filing; Affiliation Liquidation

(Editor: Liu Xiaoling)

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