法學(xué)外文文獻(xiàn)翻譯--擔(dān)保交易

1、<p>　　Secured Transaction</p><p>　　Richard Colson</p><p>　　I. Introduction</p><p>　　In the business word, a promise to pay is rarely enough. The promise wants to be secured. Th

2、is is the basis of the concept of the secured transaction. The best know security device is the mortgage on real (immovable) property. The mortgage secures the promise of real property owner to repay the loan of the fina

3、ncier. Personal (movable) property is used in a variety of methods to secure an indebtedness or a promise to pay in the future. Most of these methods are regulated by Article 9 of the Unif</p><p>　　That a wa

4、rehouseman has against a party who owes storage fees, or a mechanic’s lien, an innkeeper’s lien, or lawyer’s lien. These security rights are created by law, not by agreement between the parties. Practically speaking, the

5、y do not arise unless asserted. There is, however, one security device that arises automatically, namely a court judgment. A court judgment creates a lien against the property of the party against whom the judgment is r

6、endered. In most jurisdictions, the lien attaches a</p><p>　　Article9 of the UCC is a very complex and detailed piece of legislation. Legal scholar and courts have devoted a great deal of attention to it. He

7、re is an outline of the topic in the most general terms. </p><p>　　One who wishes to acquire a piece of a business must first inquire whether the property or business is encumbered with a statutory lien, or

8、whether it is the subject of a secured transaction. This search, which must be conducted in various governmental offices, is generally entrusted by attorney for the buyer to one of a number of organizations in this filed

9、.</p><p>　　If a debtor becomes bankrupt, a secured creditor has a preferential position. This one of the principal reasons for securing a transaction.</p><p>　　The property or property right tha

10、t is used to secure a promise is called collateral property, or collateral, for short. Accounts receivable, chattel paper, and even growing crops may be collateral. The word chattel is an old English word that denotes pe

11、rsonal (movable) property. The official comment to Sec.9-105 of the UCC illustrates the meaning of the term chattel paper. It is quoted here because it also illustrates other pertinent concept.</p><p>　　“A d

12、ealer sells a tractor to farm on a conditional contract. The conditional sales contract is a security agreement, the farmer is debtor, the dealer is the secured party, and tractor is the collateral. But now dealer transf

13、ers the contract to his bank, either by outright sale or to secure a loan. Since the conditional sales contract is a security agreement relating to specific equipment, the conditional sales contract is now the type of co

14、llateral called chattel paper.”</p><p>　　Any property having value may be used as collateral .If the purchase of a property is financed, the very property may be used as collateral. For instance, if the shar

15、es of a corporation are sold, the seller may retain ownership of shares until they are fully paid for (in which case he is said to a purchase money security interest):or, if the purchase is financed by a third party, the

16、 shares may be transferred as collateral to such third party.</p><p>　　A security agreement must be in wringing in order to be binding between the parties. In order to be binding on third parties, it must be

17、 publicly disclosed by filing a financing statement (See Section 3, below) or by physical manifestation of delivery.</p><p>　　The subject matter of secured transactions is of interest to foreigners doing bus

18、iness in the U.S. in two instance : (a) if they wish to finance a transaction with or in the U.S., and (b) if they are unsecured creditors and find themselves in conflict with creditors who claim to be secured.</p>

19、<p>　　II.Guaranty</p><p>　　The simplest security is a guaranty. It is not even mentioned in UCC Article 9. In many parts of the world, a creditor will ask for guaranty. American banks generally are no

20、t allowed to issue a guaranty. Instead, they will issue a standby letter of credit, which is even better than guaranty because it constitutes a primary obligation of the bank. The Federal Comptroller of the Currency, who

21、 forbids bank guaranties, has expressly approved the standby letter of credit. If the obligor is a subsidia</p><p>　　The rest of this paper refers to security transaction embraced by UCC Article 9.</p>

22、<p>　　III.Perfection of the Security Interest</p><p>　　In order to have a security interest that is good against third parties, the security interest must be perfected. This can be done in different w

23、ays, depending on the kind of collateral involved. A security interest may be perfected when it attaches, or it may require the transfer of possession form the debtor to the secured party. Transfer of possession is neces

24、sary if, for example, one pledges stock as security for a loan. The usual manner of perfecting a security interest is the filing of a f</p><p>　　When either filing or the transfer of possession of collateral

25、 is necessary for perfection, that act may occur prior to the attachment of the security interest. The security interest is perfected when the last of the events necessary for attachment and perfection has occurred. As t

26、here is an advantage in securing priority by an early filing of the financing statement, the financier sometimes does not part with any value until after the filing has occurred.</p><p>　　The statute provide

27、s that a security interest will attach only if three requirements are met: (a) there must be security agreement,(b) the financier must give value, and (c) the debtor must have rights in the collateral. This last requirem

28、ent seems simple. But recently a British bank ran afoul of this provision. The case involved the purchase of a yacht in California. The yacht dealer’s inventory was financed by Chrysler Corporation, which held a security

29、 interest in the inventory. The dealer so</p><p><b>　　IV.Filing</b></p><p>　　Where filling is required to perfect a security interest, the document filed is called a financing statem

30、ent. Printed statutory forms are available and generally used.</p><p>　　The financing statement is simple. It need contain only the names, addresses and signatures. If the secured party is entitled to the pr

31、oceeds of any sale of the collateral, or of the products that are manufactured with the collateral, this also should be stated in the financing statement. The 1974 revision of the UCC has abolished the requirement that t

32、his be mentioned. It is now presumed that proceeds are always covered by the financing statement. However, not all states have accepted this chan</p><p>　　The sufficiency of the description of the collateral

33、 has sometimes been challenged in litigation. It is therefore advisable to description as specific as possible. It is also advisable to avoid attaching separate documents to the financing statement. The statute says that

34、 minor errors in a financing statement will be overlooked if they are not seriously misleading. This has led to conflicting decisions in cases where an error occurred in the description of the name of the debtor. The des

35、cription</p><p>　　The rules for filing a financing statement vary in different states. Generally local filing in the county of the debtor’s residence or business and central filing in the state capital are r

36、equired.</p><p>　　A financing statement loses its effect five years after filing. However, a continuation statement may be filed, which extends the effectiveness for an additional five year period. There is

37、no limit to the number of continuation statements that may be filed.</p><p>　　Additional filings are made when collateral is released or the entire security agreement is terminated. An assignment of the secu

38、rity agreement may also be filed. If a debt is paid, a diligent debtor will see to it that the public records so indicate.</p><p>　　V.Proceeds</p><p>　　The term,“proceeds”, includes whatever is

39、received when collateral is sold, exchanged, collected, or otherwise disposed of. Typical proceed are accounts receivable are collected. A secured creditor is entitled to a security interest in the proceeds, even if that

40、 is not expressly stated in the security agreement. That raises the question whether the debtor is automatically authorized to sell the collateral. An Illinois court concluded that such automatic authorization does not e

41、xist. Logic, as we</p><p>　　Under the original version of UCC Article 9, it is doubtful whether the proceeds of insurance constitute proceeds of lost or damaged collateral. There are court rulings to the eff

42、ect that insurance proceeds do not qualify. The 1974 version of Article 9 now provides that such insurance proceeds are covered by the security agreement.</p><p>　　What is the situation if a dissatisfied cus

43、tomer returns the goods to the seller? Clearly, the returned goods are not proceeds. And yet, the financier has a legitimate interest in the goods. The rights of the financier in such a situation are regulated by statute

44、 (UCC Section 306.5).</p><p>　　VI.Priority</p><p>　　One of the primary purposes of UCC Article 9 was to insure certainty in the procedure for creating security interest, by clearly establishing

45、priority among conflicting interests in the same collateral. The basic rule is that priority accorded to the creditor who files first. There are qualification of this basic rule, as , for example, in the case of purchase

46、 money security interest, which generally have priority even over prior secured creditors. </p><p>　　VII.Inventory Financing</p><p>　　This is one of the most important areas of secured transacti

47、ons. But it is hardly of great interest to one who is doing business with the U.S. For that reason, it will be given only passing mention. The characteristic of inventory is that it changes frequently. The debtor must ha

48、ve freedom to dispose of the inventory, and to transfer unencumbered title to a bona fide purchaser. The secured creditor will be satisfied with having a security interest in the resulting accounts receivable (proceeds).

49、</p><p>　　A field warehouse is a device whereby a debtor fences off an area of his own premises in which he stores property that serves as collateral for a loan. An employee is installed as warehouseman. He

50、is authorized to release collateral if adequate substitution is made. Floor planning manufacturer finances the dealer’s inventory, which is generally located on the floor of the dealer’s showroom. The dealer is allowed t

51、o sell the financed automobiles, and to substitute the proceeds as collateral.</p><p>　　VIII.Trust Receipts</p><p>　　Trust receipts were first used in connection with importing. Today, they are

52、also used for other purpose, notably in the financing of automobile dealers. The lender entrust the collateral to the borrower in order to enable the lender to dispose of the collateral. To illustrate, Jones in New York

53、has purchased a quantity of cocoa in Brazil and resold it to a customer in Chicago. A bank in New York has financed the purchase by establishing a letter of credit in a favor of the seller in Brazil. Con</p><p

54、><b>　　IX.Leases</b></p><p>　　A lease may constitute a secured transaction. For instance, a debtor induces a bank to purchase industrial equipment which the debtor need. The bank then leases th

55、e equipment to the debtor. The bank collects its finance charges, generally in the form of rent. At the end of rental period the debtor buys the equipment form the bank at the original cost price.</p><p>　　A

56、nother illustration is the case of a manufacturer who sells equipment to a finance company and then leases it bank. This is called a sale and lease back. The finance company is the owner but its title is only intended to

57、 be a security interest. The rental charges may be so high that the debtor is allowed to purchase the property at the end of rental period for a relatively low price. In such a situation complex tax questions may arise.&

58、lt;/p><p>　　The distinction between a true lease of personal property (such as equipment) and a lease that is, in reality transaction, is frequently litigated.</p><p>　　X.Enforcement</p><

59、;p>　　How does a secured creditor enforce his in the collateral in case the debtor defaults? The statute (UCC, Section 9-504) allows a secured creditor wide latitude in disposing of the collateral, but whatever is done

60、 must be commercially reasonable. What this means is illustrated by a case in which a New York court found the enforcement action of the secured creditor commercially unreasonable. The finance company never inspected the

61、 significantly enhanced its value. The newspaper in which the financ</p><p>　　The UCC also gives the secured party, in case of default, the right to take possession of the collateral by peaceful means (secti

62、on 9-503). In light of recent pronouncements of self-help is constitutionally permissible. In any event, it is not advisable to rely on this provision of the statute.</p><p>　　Richard Colson. Sales and secu

63、red transaction . West Pub. Co. 1993.</p><p><b>　　擔(dān)保交易</b></p><p><b>　　理查德·科爾森</b></p><p><b>　　一、引言</b></p><p>　　在企業(yè)界，光是一項(xiàng)付款的

64、允諾，往往是不夠的。被允諾人要求得到擔(dān)保。這就是“擔(dān)保交易”這一概念的基礎(chǔ)。人們最熟悉的擔(dān)保辦法是不動(dòng)產(chǎn)抵押。抵押所擔(dān)保的，是不動(dòng)產(chǎn)所有權(quán)人向墊款人歸還墊款的允諾。動(dòng)產(chǎn)則以各種不同的方法擔(dān)保一筆債務(wù)或擔(dān)保一項(xiàng)今后履行付款的允諾。這些方法大半在1974年修正的《統(tǒng)一商法典》第九條中設(shè)有規(guī)定?！督y(tǒng)一商法典》已為沒過出路易斯安娜州以外的各法域所采納（但有所變通）；該《法典》之編纂取代了以前的大部分立法和擔(dān)保交易的早期共同法——諸如“附條件買賣

65、”）（賣方保留所有權(quán)）和“動(dòng)產(chǎn)抵押”即（以動(dòng)產(chǎn)作抵）之類的概念，已經(jīng)廢棄。本文所討論的，是那些根據(jù)《統(tǒng)一商法典》第9條之規(guī)定、通過明示的合意，即所謂“諾成留置”，以設(shè)定擔(dān)保的辦法；而不是由法律規(guī)定的那些擔(dān)保辦法，如銀行有權(quán)處理客戶存款結(jié)余以抵償其對(duì)該客戶的索賠請(qǐng)求或倉(cāng)庫(kù)保管員對(duì)積欠倉(cāng)租者的留置權(quán)、技工的留置權(quán)、旅店店主的留置權(quán)或律師的留置權(quán)。這些擔(dān)保權(quán)都有法律規(guī)定而不是由雙方當(dāng)事人約定而產(chǎn)生的。實(shí)際上，這些權(quán)利如不主張就不會(huì)產(chǎn)生。但是有

66、一種擔(dān)保辦法卻是當(dāng)然發(fā)生的——這就是法院的判決。法院的判決對(duì)之作出判決當(dāng)事人的財(cái)產(chǎn)設(shè)定了一種留置</p><p>　　《統(tǒng)一商法典》第9條是一項(xiàng)非常復(fù)雜而又詳細(xì)的立法。法學(xué)家和法院對(duì)此非常重視。這一課題最一般的梗概如下：</p><p>　　希望取得某項(xiàng)財(cái)產(chǎn)或某一企業(yè)者必先查清該財(cái)產(chǎn)或企業(yè)有無法定留置權(quán)之負(fù)擔(dān)，是否擔(dān)保交易的對(duì)象。上項(xiàng)調(diào)查（必須在一些不同的政府機(jī)關(guān)內(nèi)進(jìn)行）一般系有買方的代理

67、律師委托一個(gè)專門從事這方面工作的單位進(jìn)行。</p><p>　　債務(wù)人一旦破產(chǎn)，擁有擔(dān)保的債權(quán)人就享有優(yōu)先地位。一筆交易之所以要予以擔(dān)保，其主要理由之一即在于此。</p><p>　　為允諾作擔(dān)保的財(cái)產(chǎn)或財(cái)產(chǎn)權(quán)稱擔(dān)保財(cái)產(chǎn)。舉凡應(yīng)收未收賬款、卻特爾契據(jù)以及甚至未在成長(zhǎng)中的作物，均可作擔(dān)保之用。“卻特爾”原系英語舊詞，意指“動(dòng)產(chǎn)”?！督y(tǒng)一商法典》第9條105款的正式評(píng)釋說明了“動(dòng)產(chǎn)契據(jù)”一語的

68、含義。因?yàn)檫@一評(píng)述也說明了其他一些有關(guān)的概念，故引述如下：</p><p>　　“某經(jīng)銷商按附條件買賣合同把一臺(tái)拖拉機(jī)出售給某農(nóng)家。這附條件買賣合同是一項(xiàng)擔(dān)保協(xié)議——農(nóng)家是債務(wù)人，經(jīng)銷商是被擔(dān)保方，拖拉機(jī)即擔(dān)保財(cái)產(chǎn)。卻說經(jīng)銷商把合同轉(zhuǎn)讓（或徹底轉(zhuǎn)賣或用以擔(dān)保一筆債款）給了他的往來銀行。由于該附條件買賣合同涉及特定設(shè)備的擔(dān)保協(xié)議，所以附條件買賣合同現(xiàn)在就是一種叫做‘動(dòng)產(chǎn)契據(jù)’的擔(dān)保品了?！?lt;/p>&

69、lt;p>　　任何具有價(jià)值的財(cái)產(chǎn)都可用作擔(dān)保，如某財(cái)產(chǎn)是靠人墊款而購(gòu)買的，則該財(cái)產(chǎn)就可用作擔(dān)保品。例如，公司股票雖已出售，但出售人在股票價(jià)金全部得到清償以前仍可保留其所有權(quán)（于此場(chǎng)合，一般就說出售人擁有一項(xiàng)價(jià)金擔(dān)保利益）；否則。如果上項(xiàng)系由第三方墊款的，則有關(guān)股票可以轉(zhuǎn)讓給上述第三方做擔(dān)保之用。</p><p>　　擔(dān)保協(xié)議必須以書面為之，才對(duì)雙方當(dāng)事人具有約束力。如果要對(duì)第三方有約束力，則擔(dān)保協(xié)議必須以下

70、列方式公開披露：或遞交墊款報(bào)告書，或通過協(xié)議書的有形轉(zhuǎn)移。</p><p>　　在下列兩種情況，有擔(dān)保交易的內(nèi)容對(duì)在美國(guó)做生意的外國(guó)人具有重要意義：（1）如果他們希望為一筆（同美國(guó)人做的或在沒過做的）交易墊款和（2）如果他們是無擔(dān)保權(quán)人，且又同那些聲稱自己是有擔(dān)保權(quán)的債權(quán)人有利害沖突。</p><p><b>　　二、保證</b></p><p&g

71、t;　　最簡(jiǎn)單的擔(dān)保是保證。保證在《統(tǒng)一商法典》第9條中甚至連提都沒提到。在世界許多地方，債權(quán)人一般要求有銀行保證。美國(guó)銀行一般是不準(zhǔn)出具保證書的。反之，美國(guó)的銀行會(huì)開出一張備用信用證。這備用信用證甚至比保證書更好——因?yàn)樗鼧?gòu)成了銀行的直接債務(wù)。聯(lián)邦貨幣督查是禁止銀行作保的，但他卻明確批準(zhǔn)了備用信用證。如果債務(wù)人是資力雄厚的母公司下屬的子公司，則母公司的擔(dān)保亦可用作一種擔(dān)保手段。美國(guó)的這些母公司一般不會(huì)利索地發(fā)出這種保證書的，因?yàn)樗麄兿?/p>

72、望子公司經(jīng)濟(jì)獨(dú)立。要公司保證，一般是辦不到的；一種也是《統(tǒng)一商法典》第9條所未作規(guī)定的有關(guān)的擔(dān)保辦法，是履約保證書。履約保證書一般可由一種叫做擔(dān)保公司的保險(xiǎn)人處取得。履約保證書保證債務(wù)人按協(xié)議履行。一般還設(shè)有履行延誤時(shí)必須付違約金的條款。如債務(wù)人違約，保證書出具人須承擔(dān)責(zé)任。履約保證書在營(yíng)造業(yè)中是習(xí)以為常的，但亦可用作其他行業(yè)。</p><p>　　本文其余部分所談的，都是《統(tǒng)一商法典》第9條所規(guī)定的擔(dān)保交易。&

73、lt;/p><p><b>　　三、擔(dān)保利益之完善</b></p><p>　　為了取得足以對(duì)抗第三人（即對(duì)抗其他擁有擔(dān)保人的人、促成扣押的債權(quán)人或及破產(chǎn)受托人）的擔(dān)保利益，該擔(dān)保利益必須予以完善。其方法視擔(dān)保品之種類而定。擔(dān)保利益可因其扣押，或要求把占有從債務(wù)人轉(zhuǎn)移給接受擔(dān)保的一方而得以完善。如果，比如說，把商品作為貸款的擔(dān)保出押，那么轉(zhuǎn)移起占有就是必不可少的了。完善一

74、項(xiàng)擔(dān)保利益的方式是提出報(bào)告。有時(shí)，存在著若干無相沖突的、已經(jīng)完善的擔(dān)保利益。于此場(chǎng)合，就發(fā)生在一個(gè)“優(yōu)先”的問題。解決這一問題方式有立法規(guī)定之。</p><p>　　完善擔(dān)保利益雖必須提出報(bào)告或轉(zhuǎn)移擔(dān)保品之占有，但該行為可在擔(dān)保利益扣押前為之。擔(dān)保利益之完善，于扣押與完善所必須之最后事件發(fā)生時(shí)告成。由于及早提出報(bào)告有取得優(yōu)先之利，有事墊款人在提出報(bào)告書之前是不會(huì)把任何有價(jià)值的東西脫手的。</p>&

75、lt;p>　　按法律規(guī)定，擔(dān)保利益僅于符合下列三要件時(shí)始可予以扣押：（1）必須具有擔(dān)保協(xié)議；（2）墊款人唏噓提供價(jià)值；（3）債務(wù)人必須對(duì)擔(dān)保品享有權(quán)利。最后一個(gè)要件看來很簡(jiǎn)單，但進(jìn)來有一家英國(guó)銀行卻違反了這一規(guī)定。案件涉及加利福尼亞州的一項(xiàng)游艇買賣。游艇經(jīng)銷商的存貨系由對(duì)存貨擁有擔(dān)保利益的克勒斯樂公司墊款。該經(jīng)銷商把一艘游艇出售給了某人，此人請(qǐng)由英國(guó)銀行為這筆交易墊了款。事實(shí)上，此人對(duì)游艇并沒有什么可轉(zhuǎn)讓的權(quán)利——因?yàn)樵撚瓮б呀?jīng)構(gòu)

76、成克勒斯樂公司的附屬擔(dān)保了。法院的裁定認(rèn)為英國(guó)銀行并未取得擔(dān)保利益，從而也就沒有可資完善的利益。這一裁定同存貨墊款的一般規(guī)則不符，但適足引起利益關(guān)系各方的警惕。</p><p><b>　　四、提出文件</b></p><p>　　在完善擔(dān)保利益必須提出文件之場(chǎng)合，所要求提出的文件稱“墊款報(bào)告書”。墊款報(bào)告書有現(xiàn)成印就的法定格式供人們廣泛使用。</p>

77、<p>　　墊款報(bào)告書很簡(jiǎn)單，只需載明債務(wù)人和擁有擔(dān)保的一方的姓名、地址和簽名以及有關(guān)擔(dān)保品的說明。如享有擔(dān)保的一方對(duì)擔(dān)保品或擔(dān)保制品的出售所享有的權(quán)利，則這一情況亦應(yīng)在墊款報(bào)告書中記明。1974年修正的《統(tǒng)一商法典》已經(jīng)廢除“這一情況在墊款報(bào)告書中記明”的規(guī)定?，F(xiàn)在一般都認(rèn)為，出售后的所得總是記入墊款報(bào)告書的，但并非各州全都接受看這一改變。</p><p>　　擔(dān)保品的內(nèi)容說明是否已經(jīng)夠詳細(xì)了——這有

78、時(shí)候是在訴訟中被提起異議的。以此，最好把擔(dān)保品的內(nèi)容盡量寫的具體。最好不要在墊款報(bào)告書之外再附其他書面說明。法律規(guī)定：墊款報(bào)告書中的輕微錯(cuò)誤如不致引起嚴(yán)重誤解，可不予注意。這一規(guī)定在債務(wù)人姓名記再失誤之場(chǎng)合引起了一些互相矛盾的判決。記載如有礙檢索（如果，比方說，債務(wù)人公司某下屬部門的名稱被寫作該公司的名稱了），就會(huì)引起誤解。</p><p>　　有關(guān)提交墊款報(bào)告書之各項(xiàng)規(guī)則，因州而異。一般在債務(wù)人所居住的縣或企業(yè)

79、的所在地“就地提出”與在該管州的首府“中央提出”，必須兩者并舉。</p><p>　　報(bào)告墊款書在提出五年之后失效。但仍可提出展期報(bào)告書，以另行延長(zhǎng)有效期五年。至于可以提出展期報(bào)告書的次數(shù)，則并無任何限制。</p><p>　　擔(dān)保解除或整個(gè)擔(dān)保協(xié)議終止時(shí)，必須提出補(bǔ)充報(bào)告。擔(dān)保協(xié)議之轉(zhuǎn)讓亦可提出報(bào)告。如果債務(wù)已經(jīng)清償，勤奮的債務(wù)人會(huì)設(shè)法使公開的檔案里有相應(yīng)的記錄。</p>

80、<p><b>　　五、收益</b></p><p>　　“收益”一次包括擔(dān)保財(cái)產(chǎn)被出售、交換、收取或作其他處理時(shí)所收到的任何對(duì)價(jià)。典型的收益有出售擔(dān)保品后的應(yīng)收賬款和賬款收到后的金錢。擔(dān)保協(xié)議中雖無明文規(guī)定，但擁有擔(dān)保權(quán)的債權(quán)人亦對(duì)收益享有擔(dān)保利益。這就引了債務(wù)人是否當(dāng)然受權(quán)出售擔(dān)保品的 問題。伊利諾州某法院的結(jié)論是，不存在那樣的當(dāng)然受權(quán)。但邏輯與市場(chǎng)現(xiàn)實(shí)似乎都會(huì)導(dǎo)致與此相反的結(jié)

81、論。因此，擁有擔(dān)保的債權(quán)人如不元讓債務(wù)人出售擔(dān)保品，最好在擔(dān)保協(xié)議中作如此規(guī)定。</p><p>　　按《統(tǒng)一商法典》第9條原來的規(guī)定，保險(xiǎn)收益是否構(gòu)成被喪失或被損壞的擔(dān)保品的收益，尚在兩可之間。一些法院的裁決認(rèn)為保險(xiǎn)所得并非“收益”?，F(xiàn)在按該條1974年（修正后的）文本之規(guī)定，這種保險(xiǎn)收益已經(jīng)包括在擔(dān)保協(xié)議之內(nèi)了。</p><p>　　不滿意的顧客把商品退還給出售人時(shí)，情況有事如何呢？很

82、清楚：退還的商品并非“收益”。但墊款人對(duì)上述商品擁有正當(dāng)利益。于此場(chǎng)合，墊款人的權(quán)利由法律調(diào)整之（《統(tǒng)一商法典》第306頁5節(jié)）。</p><p><b>　　六、優(yōu)先</b></p><p>　　《統(tǒng)一商法典》第9條的主要目的之一，是明確規(guī)定統(tǒng)一擔(dān)保品種互相沖突諸利益的優(yōu)先順序，從而保證建立擔(dān)保利益程序的穩(wěn)定性。其基本規(guī)則是：予首先提出的債權(quán)人以優(yōu)先。對(duì)基本規(guī)則也有

83、一些例外。例如，對(duì)貨款的擔(dān)保利益，一般優(yōu)先給予擁有擔(dān)保的債權(quán)人。</p><p><b>　　七、存貨墊款</b></p><p>　　存貨墊款是有擔(dān)保交易的最重要的方面之一。但它對(duì)同美國(guó)做生意的人說來，卻沒有多大興趣。因此，這里只是浮光掠影的提一下。存貨的特點(diǎn)是，它經(jīng)常在發(fā)生變動(dòng)。債務(wù)人必須有權(quán)處分存貨病把未設(shè)定負(fù)擔(dān)的產(chǎn)權(quán)移轉(zhuǎn)給善意的買受人。擁有擔(dān)保的債權(quán)人會(huì)滿足于

84、對(duì)移轉(zhuǎn)后應(yīng)收賬款（收益）的擔(dān)保利益。他會(huì)讓債權(quán)人保存應(yīng)收賬款并使用收到的資金去買進(jìn)或生產(chǎn)新的存貨，因?yàn)樗麑?duì)新存貨也會(huì)擁有擔(dān)保利益。這便是所謂“流動(dòng)性留置權(quán)”概念：得到擔(dān)保的一方對(duì)經(jīng)常處于變動(dòng)之中的擔(dān)保品取得并保留其擔(dān)保利益。</p><p>　　現(xiàn)場(chǎng)倉(cāng)庫(kù)就是這樣一種辦法：債務(wù)人在他自己有的場(chǎng)地上劃出一個(gè)地區(qū)來儲(chǔ)藏座位貸款擔(dān)保的擔(dān)保品。一名職員被派去單人倉(cāng)庫(kù)員。他受權(quán)在有恰當(dāng)替代五的情況下讓擔(dān)保品放行。鋪面計(jì)劃是一

85、種與此類似的、主要是汽車經(jīng)銷商采用的辦法。汽車制造商替經(jīng)銷商的存貨墊款——這種存貨一般就是放在經(jīng)銷商樣子間的鋪面。經(jīng)銷商可以出售墊款的汽車并把售的價(jià)金抵充擔(dān)保品。</p><p><b>　　八、信托收據(jù)</b></p><p>　　信托收據(jù)最初用于進(jìn)口方面。今天，信托收據(jù)也用于其他目的，特別是在給汽車經(jīng)銷商墊款方面。借款人把擔(dān)保品委托給貸款人以便后者能處分擔(dān)保品。比

86、如，比如，紐約的瓊斯在巴西買進(jìn)了一批可可并把它轉(zhuǎn)賣給芝加哥的一位客戶。紐約的一家銀行為巴西的買主開立一張信用卡，從而為這筆買賣墊了款。因此，這批可可就交付給了該銀行。但該銀行憑瓊斯出給該銀行的信托收據(jù)允許瓊斯占有這批可可并把它運(yùn)到芝加哥。瓊斯座位受信托人同意替信托人（即銀行）行事并把向芝加哥客戶收來的售價(jià)所得交給該銀行。開發(fā)信托手機(jī)也可以是威力達(dá)到更為有限的目的：使瓊斯能就該商品辦理結(jié)關(guān)并同實(shí)務(wù)藥品管理署辦清必要的檢驗(yàn)手續(xù)——這些都是銀

87、行所不愿承擔(dān)的活動(dòng)。</p><p><b>　　九、租賃</b></p><p>　　租賃可構(gòu)成一筆有擔(dān)保的交易。例如，債務(wù)人勸說某銀行購(gòu)買債務(wù)人鎖舞的工業(yè)設(shè)備。然后有銀行把該設(shè)備出租給債務(wù)人；銀行則收取其融資費(fèi)（通常采取租金這一種形式）。租賃期滿，有債務(wù)人按原成本價(jià)向銀行買受該設(shè)備。另舉一例:一名制造商把設(shè)備出售給一家財(cái)務(wù)公司，然后又把它租了回來。這叫做出售與回租

88、。財(cái)務(wù)公司為所有權(quán)人，但根據(jù)意圖，其擁有的產(chǎn)權(quán)只是一種擔(dān)保利益而已。制造商承擔(dān)最終買受該項(xiàng)財(cái)產(chǎn)的義務(wù)。租金要的如此之高，所以債務(wù)人可以在租期屆滿后以比較低的價(jià)格購(gòu)買該項(xiàng)財(cái)產(chǎn)。這種情況會(huì)引起復(fù)雜的稅法問題。</p><p>　　真正的動(dòng)產(chǎn)（如設(shè)備）租賃和十幾上是一種有擔(dān)保交易——這兩者之間的區(qū)別往往成了訴訟的內(nèi)容。</p><p><b>　　十、實(shí)施</b></

89、p><p>　　有擔(dān)保債權(quán)人在債務(wù)人違約的情況下如何實(shí)施其對(duì)擔(dān)保品的權(quán)利呢？法律（《統(tǒng)一商法典》第9條504款）賦予有擔(dān)保債權(quán)人以處分擔(dān)保婆娘的充分余地，但不管怎樣做，她在商業(yè)上必須是合情合理的。這意味著什么呢？請(qǐng)看紐約月法院認(rèn)為某有擔(dān)保債權(quán)人的實(shí)施行為在商業(yè)上是不合情理的一個(gè)實(shí)例：有關(guān)的財(cái)務(wù)公司從未檢查用作擔(dān)保品的營(yíng)造設(shè)備，因此也就不了解該設(shè)備所具有的大大增加其價(jià)值的特征。該財(cái)務(wù)公司又認(rèn)為一項(xiàng)比最后收到的價(jià)金高的多