| In order to tackle financing difficulties faced by SMEs and optimize business environment, the Chinese Civil Code has carried out major reforms on the security interests system over movables and rights. Specifically, the reform is divided into six interlocking steps:(a) eliminating invisible security interests; (b) establishing a register for movables and rights security interests, which is a person-based registration; (c) establishing a unified rule of priority for security interests; (d) expanding the scope of application of "the rule of buyer in ordinary course of business"; (e) combining floating mortgage and general chattel mortgage in the registration confrontation rules; and (f) introducing purchase money security interest (super-priority). This reform has a profound impact on the theory of real rights. Firstly, it proves that there is a stable and meaningful intermediate state between real rights and claims. Secondly, it revises the publicity principle of real rights by discarding the expression of "all or nothing" and replacing it with that of "the effect of confrontation extends to wherever the publicity extends". Finally, it revises the object-specific principle of real rights, so that the object of real rights does not need to be specific at the beginning, as long as it is specific at the time of execution. |
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