A lawyer from Henan Changhao Law Firm, Yan Lin, shares his interpretation of the Civil Code on security interests at a regular meeting on March 7,2010 in 2021. This sharing is mainly divided into three parts. First, it is an overview of the changes in some articles of real right for security, secondly, it analyzes the two core issues of "the order of liability and the right of recourse" and "the effect of the real estate mortgage contract without mortgage registration" .

This sharing focuses on the "civil code" on the real rights of the security changes in the provisions of the main including liquid pledge, floating charge and so on.

One of the core issues "the order of liability and the right of recourse of joint guarantee"

According to article three hundred and ninety-two of the Civil Code, the order of liability can be divided into two levels: "intention" and "legal" . According to Fumiyoshi's interpretation, objective teleology interpretation and relevant cases, the debtor's property insurance should precede the third party's property insurance and personal insurance in the legal liability order. Article six hundred and ninety-nine of the Civil Code Omits the provisions of Article 12 of the Security Act relating to the right of mutual recourse of the co-guarantors in providing for joint security, in addition to the guarantor's right of recourse against the debtor, the co-guarantor's right of recourse against each other may be sentenced to death in the civil law system. By comparing Article 700 and article five hundred and forty-seven of the Civil Code, we can initially set the guarantor's right of mutual recoupment in the mode of legal transfer of creditor's rights and the subordination of real right of security. That is, the guarantor can enjoy the creditor's rights after paying off the principal debt, including the creditor's right to recover from other guarantors.

Core question two: "The effect of the mortgage contract of real estate without mortgage registration"

According to Article Four hundred and two of the Civil Code, the mortgage of immovable property is established at the time of registration. In practice, there are a large number of cases in which the real estate mortgage has not been registered, at which time the mortgagee can exercise his rights according to the real estate mortgage contract. Through the analysis, it is concluded that the real estate mortgage contract has double effects: one is to set up the claim right of mortgage, the other is to liquidate the claim right of price. The MORTGAGOR's failure to register the real estate mortgage to some extent constitutes a breach of contract, on the basis of which the mortgagee will enjoy the right to claim damages. With regard to the claim for liquidated damages, this paper mainly analyzes the parties'expression of will, the relative security right and the judicial interpretation of a number of just creditor's rights instruments. In short, the mortgagee of an unregistered real estate mortgage contract may hold the mortgagor liable for breach of contract, and may generally claim for liquidation of the mortgaged property with other creditors, but may not claim priority in payment.