《民法典》购置款抵押权规范定位及优化建议

Positioning of the Norms on Acquisition Mortgages in The Civil Code and Proposals for Their Optimization

摘要: 《民法典》第416条确立了购置款抵押权的新规则，系属我国对购置融资交易的首次立法规定。该规定为普通中小企业提供了更多融资途径，也消弭了浮动抵押中的抵押人的通过购置融资交易进行再融资的障碍。然而，在涉及多方主体的复杂购置融资交易下，我国的立法模式仍然存在两大缺陷：第一，无法为连环借贷中的债权人提供更高效的公示手段；第二，因无法查询公示情况，浮动抵押权人可能面临抵押顺位必然劣后的不利局面。对此笔者认为，可结合域外相关立法实践，在我国立法或司法解释中，规定连环借贷中债权人对购置款抵押权的“代位取得”规则，以免去繁琐的重复登记流程；并可针对抵押物的不同类型为购置款抵押权人设定通知义务，以平衡浮动抵押权人在抵押物上的既有利益。

Abstract: Article 416 of The Civil Code establishes a new rule on purchase money security interest (“PMSI”), the first legislative provision on acquisition financing transactions in Mainland China. It provides additional financing options for ordinary and medium-sized enterprises and removes obstacles to refinancing through acquisition financing transactions for mortgagors in floating mortgages. However, under the complex acquisition financing transactions involving multiple parties, there are still two major shortcomings in China’s legislative model: firstly, it is unable for the laws to provide creditors in serial lending with more efficient means of publicity; secondly, because of the inability to search for publicity, the floating mortgagee may face an unfavorable situation in which the mortgagee’s subordination is inevitably inferior. In this regard, the author believes that, combined with relevant extraterritorial legislative practices, the serial lending creditor of the acquisition of the mortgage “subrogation” rules could be stipulated in China’s legislation or judicial interpretation, in order to avoid cumbersome duplication of the registration process; and for different types of collateral, the notification obligation could be imposed on acquisition mortgagees to balance the floating charge holder’s vested interest in the collateral.