EXPLORATION ON THE EFFECTIVENESS OF THE SECURITY INTEREST AFTER THE EXPIRATION OF LIMITATION OF ACTION ON THE PRINCIPLE DEBT

Jian Luo

doi:10.55662/

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Jian Luo Student of Guangdong University of Foreign Study, Guangzhou, Guangdong Province, China Author

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DOI:

https://doi.org/10.55662/

Keywords:

Security interest, Limitation of action, Exclusion period, Civil Code

Abstract

Since the promulgation of The Guarantee Law of China, there have been several legislative iterations on the effectiveness of the security debt and the exemption of the security guarantor in property after the expiration of the limitation of principal creditor's rights, which are most obvious in the solicitation draft and text of the judicial interpretation of the security system in the Civil Code. In this paper, the legislative situation and judicial practice results on the above issues since China's reform and opening up have been analyzed, and the legislative tendencies on the same issues at home and abroad have been compared. Combined with the trend of China's subsequent judicial practice, it has been proposed that the natural creditor's right enjoyed by the creditor after the expiration of the principal creditor's right is not enough to support the creditor to keep the mortgage registration of the mortgaged property, and that the pledgee, the mortgaged person's pledge and the retained property have been possessed. Therefore, it is suggested that the mortgagor shall be given the right to cancel the mortgage registration after the expiration of the limitation of action, and the pledgor and the lienee shall be given the right to return the original things after the expiration of the limitation of action.

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