動產擔保權益延伸的合意路徑

The Consensual Approach to Extending Security Interests In Personal Properties’Proceeds

正常經營買受人規則以及動產擔保的固有特點引發保護動產擔保權人利益的必要。動產擔保權自動延伸至擔保財產收益的觀點在現行法下無法立足。當事人可通過合意在擔保財產收益上設定擔保權。穩妥的作法是組合設定浮動抵押、應收賬款質押和賬戶質押。當事人亦可概括約定“擔保權覆蓋因擔保財產產生的收益”。基於對擔保權人設定擔保的交易成本與潛在第三人獲取信息便利度之間的衡量，此種約定即便被登記，原始擔保權的對抗和順位效力也只能順延至應收賬款這類收益上，對此的例外是相關收益能夠被原初登記的擔保財產類型所覆蓋。

The rules of“buyer in ordinary course of business”and inherent characteristic of chattel security give rise to the need to protect the interests of secured party. The opinion that a security right automatically extends to the proceeds of the collateral cannot be supported under current Chinese law. The parties may create security interests in the proceeds of collateral through agreement. A prudent way is to create a combination of securities, i. e. , floating mortgage, pledge of account receivables and pledge of bank account. A general agreement stipulating that ' the security interests covers the proceeds of the collateral' shall also be valid. However, considering the balance between the transaction costs for the secured party to create and perfect the security on proceeds and the convenience of potential third parties to obtain information, the perfection of the original security right-even if the security interest in proceeds is registered-can only be extended to receivables but not to other types of proceeds, unless the relevant proceeds are covered by the type of collateral originally registered.