论购置款抵押权超级优先顺位规则的适用

The Application of Super Priority Rule of Acquisition Mortgage Right

摘要: 为消解浮动抵押制度产生的消极影响，我国《民法典》增设了购置款抵押权超级优先顺位规则。所有权保留与融资租赁交易均可适用该规则，原因在于二者都是以标的物自身价值为标的物购置款债权提供担保，但售后回租型融资租赁应被排除适用。就规则的具体内容而言，购置款抵押权人优先于宽限期内在先登记的固定抵押权人、商事留置权人以及宽限期内在先产生的执行债权人与破产债权人，但不得对抗宽限期内在先取得抵押物且相关交易不属于正常经营活动的善意受让人。若同一动产上存在多个购置款抵押权，各购置款抵押权人处于同一清偿顺位，按照各自的债权比例平等受偿。

Abstract: To alleviate the negative impacts caused by the floating mortgage system, the Civil Code of China has added a super priority rule for acquisition mortgage right. The super priority rule can be applied to ownership retention transactions and financial leasing transactions. The reason is that both of them use the value of the subject matter itself as the guarantee for the purchase-money creditor’s rights. However, the sale and leaseback type of lease financing should be excluded from application. As for the specific content of the rule, the holder of acquisition mortgage right has priority over the fixed mortgage right holder who registered earlier in the grace period, commercial lien holder, and executory creditor and bankruptcy creditors that were registered earlier in the grace period, but it does not have the effect of opposing the bona fide transferee who acquired the mortgaged property earlier within the grace period and whose related transaction was not part of ordinary course of business. If there are multiple acquisition mortgage rights on the same movable property, each holder of acquisition mortgage right shall have the same priority in repayment and shall receive equal compensation according to their respective creditor’s rights proportion.