动产抵押权益延伸于收益的路径——基于美国法的比较考察
The Path of Extending Collateral Security Interest to Proceeds—A Comparative Study Based on American Law

“正常经营买受人规则”由“动产浮动抵押”向“动产固定抵押”领域的扩张适用使得动产抵押权人丧失对于原抵押动产的追及效力，由此产生了对于动产抵押权益延伸于抵押动产替代物的讨论。美国法上的动产抵押权益延伸制度源于商事实践，以“收益”为延伸对象，延伸方式为默示性、连续性延伸，同时该延伸路径表现为一种价值追踪过程，受限于价值边界，也要保证“收益”的可识别性。我国法语境下的动产抵押权效力延伸规范主要有抵押动产转让价金，抵押动产物上代位权所产生的“三金”，抵押动产的孳息，抵押动产的添附物以及抵押动产基于各种交易而产生的应收账款债权。关于转让价金，我国现行抵押物转让规则使得追及效力架空了动产自由转让；关于“三金”和应收账款，物上代位权和应收账款出质的特殊性无法扩张解释为动产抵押权益延伸制度的一般性规范；关于孳息和添附物，现行规则均面临适用困境。相较于美国的动产抵押权益延伸制度，我国不宜贸然进行制度嫁接，宜采默示性推定延伸的路径，有限性地肯认收益延伸的连续性，辅以识别公示制度来保证“收益”的可识别性。
The expansion of “normal business buyer rule” from “floating security interest of” to “fixed security interest of collateral” makes the secured creditors of collateral lose the security interest of the original collateral, which leads to the discussion of extending the security interest of collateral to the replacement of secured chattel. The extension system of collateral security interest in American law originates from commercial practice, takes “proceed” as the extension object, and extends in an implied and continuous way. At the same time, the extension path is manifested as a value tracking process, which is limited by the value boundary and should ensure the identification of “proceed”. The extension of the validity of collateral security interest in China mainly includes the transfer payment of collateral, the “three gold” generated by the subrogation of the collateral, the fruits of collateral, the additions of collateral and the accounts receivable claims arising from various transactions of collateral. As for the transfer payment, the current rules of the transfer of collateral in our country make the free transfer of collateral. With respect to the “three gold” and accounts receivable, the particularity of subrogation and the quality of accounts receivable cannot be interpreted as the general norms of the extension system of collateral security interests; With respect to fruits and additions, the existing rules are facing difficulties in application. Compared with the extension system of collateral security interests in the United States, it is not appropriate to carry out the system grafting rashly, and it is appropriate to adopt the path of implied presumption extension, limitedly recognize the continuity of proceed extension, and supplement the identification publicity system to ensure the identification of “proceed”.