The Priority of Floating Charge and Other Types of Security Interest He Meng Fei Civil Law Directed By Tong lo Cheng Abstract Floating charge is a special type of charge developed in financing. It contain such characteristics like: the assets of the charge would be changing from time to time, the company may carry on its business in ordinary way and finally the charge would fixed on some assets becoming a fixed charge. This kind of charge is transplanted by many civil list countries because of its advantage in financing, and the 2007property law of PRC adopted the floating charge. If several security interests are created on one asset, the priority of these interests become a problem which concerns whether the secured creditor could be paid and how much it would be paid This problem presents when the holder of a floating charge confront other secured creditors (the holders of fixed charge , the holders of pledge and other holders of floating charges). Our current rule provides that the priority of hypotheca interests depends on the time of registration, and a hypotheca intrest always has the priority over the pledge interest. But this rule contradict the characteristics of the floating charge which allow the chargee create security on the assets. Since floating charge contains the particular characteristic, I consider that we should create a rule for the priority of floating charge. The floating charge originated from the Anglo-American Legal System. Hence we should consider the solution in the System of Anglo-American Legal. So I compared the England rules with the UCC rules, also refered to the suggestion of Chinese law professors, trying to arrive at a conclusion Creating a rule should be considerate. It is necessary to consider that whether the rule is appropriate being applied to liquidation. Since a floating charge may be created on a whole company , the execution of it could result in the liquidation of the company, while the liquidation is one of the reasons why the floating charge crystallize. The liquidation is a process to balance the right of all the creditors besides the secured creditors. Like other secured creditors, the holder of the floating charge with the Exemption Right could not be restrained by the bankruptcy administrator. In case he exercised his right, other interests of secured creditors would be deprived. Therefore, I applied the England rules and the UCC rules to the situation of liquidation to analysis the effects. According to the rules of Chinese bankruptcy law, I considered that we could selectively borrow the rules of England and UCC, accept the suggestion of the Chinese law professors partially, and finally create a rule. Floating charge is created for financing, and the value of it is to obtain the company as much money as possible. Another advantage of it is to keep the value of an enterprise as a whole in execution. I did the economic analysis of effect applying the rule in chapter 4, with the purpose of proving the rules is suitable for realizing the value of floating charge. In summary, I drew a conclusion of the priority rule for floating charge , trying to make the floating charge system improve economic development to realize the purpose of the legislator. Key Words: Floating charge Priority Bankruptcy

中文摘要 浮動抵押制度是一種為滿足融資需要而在實踐中逐渐發展起來的特殊的擔保形式，它允許抵押人自由處分財產，標的物具有浮動性，最终將通過結晶的方式固定下來并得以實現。這項制度因為经濟上的優越性而被大陸法國家廣泛移植，我國在 2007 年頒佈的物權法中也首次進入了這一制度。 如果一個擔保物上並存著多個擔保權利，那麽各個擔保權利的受償順序就成為直接關係到擔保權利能否實現、實現程度的重要問题。浮動抵押也不例外，在實理時會面臨與其他競存的擔保權利(主要是固定抵押權、質權和其他浮抵押權)之問的受償順序問题。關於擔保權利之問的受償顺序，我國現存法律體系按照登記先後順序確定抵押權之間的受償順序和抵押權優先於質權的受償順序規則。但是這些規則在適用在浮動抵押權與其他擔保利競存的問题上時却產生了一些問题。因為浮動抵押權一個最本質的特徵就在於它允許抵押權人自由處分把押財產，這种處分當然包括了在抵押財產上設定其他的擔保權利。 如果承認這處分的效力，就應當承認這些擔保權利的優先效力，使之在浮動抵押之前受償。所以，基於浮動抵押的这種特殊性，筆者認為法律應當對浮動抵押權的受償顺序作出特别规定。 浮動抵押制度來源於英美法系，上述問题在英美法系中的解决值得我們借鉴。因此筆者通過比較的方法，考察了英國和美國的擔保權利受償規則，綜合了我國學者對浮抵押受償順序的設計，得出浮動抵押受借顺序的基本設計框架。 如何設計浮動抵押的受償順序是一個需要充分考虑的問題。由於浮動抵押可以在企業現在和將來的全部財產上設定，所以浮動抵押的實現往往在客觀上導致企業的破產清算，同樣，企業的破產也是浮動抵押結晶的原因之一。企業破產時尤其需要平衡各個债權人的權利。作為擔保利的一種，浮動抵押權人在破摩時享有別除權，破產管理人無法限制浮動抵押權人行使權利，浮動抵押權的實現往往造成其他擔保權利人的擔保權利落空。因此，企業破產是設計浮動抵押的受償順序時必須考虑的因素。筆者將破產的情况納入浮動抵押制度受償順序設計考量之中，分析了英美法上的受償顺序規則在企業破產中的效果，結合我國破產法的現狀，認為我們可以選擇性借鑒英美法上的規則，以及一定程度上采納我國學者的觀點。由此出發，設計出一個基本的浮動抵押受償順序規則。 浮動抵押的產生是基於經濟發展的需要，其最重要的價值在於能夠使企業充分實現融資，以及在破產時實現企業的整體價值。因此，筆者在第4章對改變浮動抵押權受償順序后的經濟效果進行了分析，進一步從實踐的角度分析了浮動抵押受償順序規則的設計。 綜合上述分析，筆者進行總結，設計出浮動抵押受償順序規則，以試圖通相對合理的受償原序使浮動抵押的經濟作用能得到充分的發揮，真正實现法律引進浮動抵押促進經濟發展的目的。 關鍵字:浮動抵押 企業破產 受償順序規則