Conceptual Interpretation and System Construction of the Floating Pledge of Movable Property

（Corporate Law Research Center，Chongqing University of Science and Technology，Chongqing 401331，China）

Abstract：The floating pledge of movable property，which induced by logistics financial innovation，loads with strong local characteristics of China. It takes into account the guarantee power of the pledge and the liquidity of the pledged property and clearly recognized by Article 55 of the Judicial Interpretation of the Guarantee System of the Civil Code. It has three operating modes： entrusted supervision，unified credit and logistics financial service institutions. And there are three supervision situations：the warehouse supervision of the supervisor (or the pledgee)，the warehouse supervision of the fourth party enterprise and the warehouse supervision of the pledger. The simple delivery theory，the instruction delivery theory，the joint possession theory，and the possession modification theory are all biased and cannot be used as a criterion for judging whether a dynamic pledge is established or not. No matter what mode of operation and regulatory situation，the establishment of a dynamic pledge of movable property requires the pledger to deliver the pledge to the supervisor or the dynamic pledgee. Through practice- oriented review and analysis of the pledge rules，it can be seen that delivery is only the establishment requirement for the pledge of movable property ，which publicizing the pledge of movable property (dynamic) is a kind of“hypothesis”；and possession is mainly a method for the pledgee to strengthen the security of the pledge，which publicizing the (dynamic) pledge of movable property is an "illusion". Because neither of them can disclose movable property (dynamic) Pledge，in the future，the dynamic pledge of movable properties should be registered as the publicity form and can be included in the unified publicity system for the registration of movable property guarantees. Registration implements a unified publicity confrontationalism，and its core function is to disclose guarantee information and determine the order of repayment. When several movable property security rights in the same inventory of movable property are competing for deposit，the order of settlement of each other shall be determined according to the following rules：legal liens are better than other security rights in intended movable properties；the order of settlement of security rights shall be determined in the order of registration time，and if the registration time is the same，the settlement shall be based on the proportion of the creditor’s rights；the intention of registration fixed movable property security rights are superior to unregistered security rights；and if they are not registered，direct possession takes precedence，that is，the dynamic pledge of movable property is better than the pledge of warehouse receipts，and the pledge of warehouse receipts is better than the floating mortgage of movables.

Key words：Civil Code；movable property；liquidity of collateral；guarantee power；unified registration