| The floating charge has been stipulated by § 181 of Chinese Property Law. The outstanding characteristic of floating charge is the instability of floating charge assets. Accommodating to this characteristic, the immunity of “buyers in the ordinary course of business”, that is, the “outflow” floating charge assets are immune to the former floating charge rights, has also been stipulated by § 189(2) of Chinese Property Law. This system is provided at large in the foreign personal property security interest law. Compared to the foreign law, our buyer’s immunity system is made simply and crudely, even with some mistakes, which should be perfected and clarified by extracting experiences from abroad and combining the interrelated provisions of our Property Law. Owing to the instability of the floating charge property, the specific thing which flows into the floating charge property will automatically become the floating charge property, and thus the floating charge mortgagee will also have mortgage interests on it without any other additional formalities. But as to whether the former floating charge rights can be priority to the later hypothec attached on the thing named as “purchase money security interests (PMSI)” in foreign law automatically, there is no answer to this key problem in our property law. To resolve this problem, we should definite its concept, differentiate its type, and establish the efficacy of the purchase money security interests, basing also on the experiences from foreign law, to respond to the urgent need in legal practice.There are also other systems concerning to floating charge which should be taken seriously. Firstly, floating charge is applied mainly to chattels security interest, so the uniform registration system of personal property security interest and the scientific classification system of collateral should be established. Secondly, floating charge and its related systems focus on the order of satisfaction of different security interests on chattels, while our Property Law has significant defect in this aspect, in short of unified and clarified rules concerning to such order. Lastly, floating charge involves also legal implantation. Our legislation on property law and its perfection should learn from and extract abroad legal systems on personal property security interest. |
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