China: 代持房地产抵押权在民间借贷中的运用及法律效力的实证分析

Last Updated: 29 April 2019
Article by Jianhui Chen
Most Read Contributor in China, July 2019

房地产抵押以其价值稳定、处置便利、优先受偿、费用较低等特性,经常被用作民间借贷的重要保障措施。根据 《物权法》第一百八十七条规定,房地产抵押应当办理抵押登记,抵押权自登记时设立。然而,各地抵押登记行政主管部门对抵押人范围规制政策的理解和执行尺度不尽相同,普遍对金融机构和非金融机构采取两套不同的受理标准,经常存在不为非金融机构的民间主体办理房地产抵押登记手续的情况(有的不准许将房地产抵押登记在非金融机构的企业名下、有的不准许将房地产抵押登记在自然人名下)。有人对这种做法提出批评,认为其涉嫌法外设法,不当限制行政相对人的应有权利乃至阻碍民间合法资金融通市场的运行。由于篇幅所限,本文对此暂不讨论。

实务操作中,为了绕过现实障碍,大量的民间借贷不得不"因地制宜"采用代持房地产抵押权的变通方案。许多债权人甚至认为只要将交易对方提供的房地产抵押登记在其指定的能够获得抵押登记的主体名下就能产生相同的效果。其实,限制抵押物的处置只是抵押的初级追求,取得优先受偿权才是抵押的终极目的。代持的真实意思表示能否产生公信力将决定最终成败,而如何设置代持却是一项精细的技术活,稍有不慎就会竹篮打水一场空。本文作者选取了正反两个较为典型的案例,借此探讨代持房地产抵押权在民间借贷中的运用及法律效力问题,希望对感兴趣的读者有所裨益。

一、失败案例——债权人因"阴阳合同"而丧失优先受偿权

(鲜果、融易担保公司与广元联星公司民间借贷纠纷案,资料来源:中国裁判文书网,网址http://wenshu.court.gov.cn/ ,四川省高级人民法院于2017年5月12日审结的(2016)川民终1139号案)

案情简介:

2014年3月9日,鲜果(出借人)与杨爱平(借款人)、兰学军(保证人)及成都联星公司(担保人)签订《借款及担保合同书》,约定:借款金额1500万元,借款期限从实际提供借款之日起6个月,借款利息按中国人民银行公布的商业银行同期贷款基准利率(年利率5.6%)的四倍计算并按月支付,每月最后一日为利息支付日,逾期利息按借款期内约定利率计付,逾期偿还借款并按每月2%计赔损失。成都联星公司、兰学军为全部债务提供连带责任担保,保证期间为借款期届满之日起两年。

此后,杨爱平再次提出向鲜果借款,2014年4月10日,鲜果委托陈应亮并以陈应亮名义与杨爱平、广元联星公司、兰学军签订《借款及担保合同》,合同约定的出借人为陈应亮,借款人为杨爱平,担保人为广元联星公司、兰学军,借款金额为3279万元。借款期限为从实际出借之日起3个月,借款利息按月息人民币42万元计算并按月支付,每月最后一日为利息支付日,逾期利息按借款期内约定利息计付,逾期偿还借款并按每月4%计赔损失,兰学军提供连带责任担保,广元联星公司以其所有的位于广元市利州区回龙河的土地使用权(面积约136209.31平方米)提供抵押担保,担保期间均为借款期届满之日起两年。

因广元联星公司提供土地使用权抵押担保,鲜果为了办理抵押登记的需要,于2014年6月23日委托融易担保公司并以融易担保公司的名义与广元联星公司签订《借款合同》及《抵押(反担保)合同》[合同编号:南融易抵字(2014)第189号],其《借款合同》约定的出借方为融易担保公司,借款方为广元联星公司;借款金额4500万元,借款期限6个月,借款利息按年利率12%计算并按月付息,逾期偿还则按借款总额的3%每日支付违约金;《抵押(反担保)合同》约定的抵押人为广元联星公司,抵押权人为融易担保公司;广元联星公司自愿以广国用(2012)第829号权证项下的土地使用权(面积93146.06平方米)为其与融易担保公司签订的4500万元借款合同项下的借款提供抵押担保,担保范围为主债权及产生的利息、罚息、复利、违约金、损害赔偿金及实现债权的费用。合同签订后,双方就合同项下约定的土地使用权办理了抵押登记,抵押权人为融易担保公司。

2014年8月25日,广元联星公司作出《情况说明》,主要内容为:案涉2014年3月9日及2014年4月10日签订的借款合同所涉借款系杨爱平与广元联星公司共同所借,广元联星公司愿意将其所有位于广元市利州区回龙河的面积为93146.06平方米的土地使用权为上述借款提供抵押担保,土地使用权证号为广国用(2012)第829号。

2014年12月23日,鲜果、陈应亮、杨爱平、广元联星公司、成都联星公司、兰学军、融易担保公司共同签订《协议书》(即"七方协议"),约定:案涉2014年3月9日签订的金额为1500万元的《借款及担保合同书》及2014年4月10日签订的金额为3279万元的《借款及担保合同》,其实际出借人均为鲜果,实际主债务人均为杨爱平和广元联星公司;债务人应按约向债权人鲜果履行还款义务,不向陈应亮履行义务;由于鲜果作为自然人办理土地抵押登记的主体资格存在障碍,为了对前述两笔借款办理抵押登记,鲜果委托融易担保公司并以融易担保公司的名义与广元联星公司签订《借款合同》及《抵押(反担保)合同》,该《借款合同》只是形式上为备案而签订,不是真正的借款合同,该《借款合同》中约定的融易担保公司向广元联星公司出借4500万元,实际是指前述2014年3月9日与2014年4月10日签订的合同项下未予偿还的借款之和;《抵押(反担保)合同》亦系前述两份主合同的从合同,约定了广元联星公司以其所有的广国用(2012)第829号权证项下的土地使用权为该4500万元借款提供抵押担保,实际抵押权人为鲜果,由鲜果直接向广元联星公司主张抵押权,陈应亮无权主张任何权利。该协议签订后,广元联星公司未按协议约定履行还款义务。

一审判决要旨:

本案中,相关借款合同、抵押合同、转帐凭证及"七方协议"等证据共同印证了债权人为鲜果、债务人为广元联星公司及杨爱平的事实。债务人广元联星公司以其所有的相关土地使用权为案涉借款提供抵押担保,依法办理抵押登记并产生法律效力,抵押权人享有优先受偿权,虽然名义上的抵押权人为融易担保公司,但各方均确认融易担保公司并非事实上的债权人,鲜果才是抵押权的最终享有者,故鲜果对案涉担保物实际享有抵押权。本院确认鲜果对国有土地使用权人广元联星公司用于抵押的"广国用(2012)第829号"国有土地使用权证项下的国有土地使用权实际享有抵押权,并在判决确定的债权限额内享有优先受偿权;融易担保公司有义务协助该抵押权的行使;抵押权行使后不足清偿部分由广元联星公司继续清偿。

终审判决要旨:

关于鲜果是否对广元联星公司名下的案涉土地使用权享有抵押权的问题。根据本案事实,案涉广国用(2012)第829号权证项下的土地使用权所办抵押登记的抵押权人为融易担保公司,由于抵押权登记具有公示效力,因案涉土地使用权登记的抵押权人不是鲜果,故鲜果未依法取得对上述土地使用权的抵押权。虽然2014年12月23日"七方协议"约定鲜果为"实际抵押权人",但该约定未经依法登记,不产生法律效力。因此,广元联星公司上诉主张鲜果不享有案涉土地使用权的抵押权成立,本院予以支持。原审判决确认鲜果对案涉土地使用权实际享有抵押权并享有优先受偿权缺乏法律依据,本院予以纠正。

二、成功案例——债权人将代持约定嵌入抵押合同而获得优先受偿权

(王福海、国瑞公司与阳光半岛公司民间借贷纠纷案,资料来源:中国裁判文书网,网址http://wenshu.court.gov.cn/,最高人民法院于2017年12月15日审结的(2015)民一终字第107号案)

案情简介:

2013年1月20日,王福海(出借人)与阳光半岛公司(借款人)签订《借款合同》,约定:借款金额为16950万元,借款期限为7个月,自2013年1月21日至2013年8月20日,以借款实际到款日起算,至本合同约定的最后一个还款日为止。借款年利率为24%。

还款保障措施包括:由借款人股东首创公司、翟厚圣提供还款保证,并另行签订《保证合同》;由借款人提供其名下不低于500亩土地使用权作为还款的担保并进行抵押登记,另行签订《土地抵押合同》;翟厚圣持有借款人49%的股权,首创公司持有借款人51%的股权,上述股东以其持有股权的70%质押给出借人作为还款保证,另行签订《股权质押协议》。

2013年1月20日,阳光半岛公司(抵押人)与国瑞公司(抵押权人)签订《土地抵押合同》,约定:为担保本合同第一条所述"主合同"项下债务的履行,抵押人自愿将登记在其名下的土地使用权为"主合同"出借人王福海的债权设立抵押担保。一、本合同之主合同为:出借人王福海与抵押人于2013年1月20日签署的《借款合同》及其修订或补充。二、主合同项下的债权构成本合同之主债权,包括本金、利息(包括法定利息、约定利息、复利、罚息)、违约金、实现债权的费用(包括但不限于诉讼费用、律师费用、执行费用等)、因抵押人违约而给抵押权人造成的损失和其他所有应付费用。三、抵押物为抵押人名下的不低于500亩的土地,土地使用权证号:寿国用(2012)第012773号、第012784号、第012785号、第012812号。抵押人不得再将抵押物或抵押物余值部分抵押给第三方。该合同签订后,双方向寿县国土资源局申请抵押登记,该局于2013年1月21日颁发寿抵他项(2013)第009号他项权证,载明:土地他项权利人为国瑞公司;义务人为阳光半岛公司;登记范围为寿国用(2012)第012773号、第012784号、第012785号、第012812号国有土地使用证登记范围。

2013年1月30日,阳光半岛公司(抵押人)与国瑞公司(抵押权人)签订《土地抵押合同》,约定:为担保本合同出借人王福海与抵押人于2013年1月20日签署的《借款合同》及其修订或补充,抵押人自愿将登记在其名下的土地使用权设定抵押担保,土地使用权证号:寿国用(2013)第013011号、第013015号、第013016号、第013017号。合同约定其他条款与双方于2013年1月20日签订的《土地抵押合同》一致。寿县国土资源局亦于2013年1月30日颁发寿抵他项(2013)第017号他项权证,载明:土地他项权利人为国瑞公司;义务人为阳光半岛公司;登记范围为寿国用(2013)第013011号、013015号、013016号、013017号国有土地使用证登记范围。

一审判决要旨:

本案中,王福海虽为债权人,但不是抵押合同约定和他项权证载明的抵押权人;国瑞公司虽系抵押合同约定和他项权证载明的抵押权人,对阳光半岛公司却不享有债权,故阳光半岛公司、国瑞公司签订《土地抵押合同》中关于该合同担保的主合同为王福海与阳光半岛公司之间的《借款合同》的约定,以及据此设定抵押权不符合法律规定。故王福海依据案涉《土地抵押合同》及他项权证主张其案涉土地使用权享有优先受偿权法律依据不足,本院不予支持。至于王福海辩称,上述土地使用权未能抵押登记在其名下,系因登记机关不准许将土地使用权抵押登记在自然人名下,此不属于本案审理范围,亦不能作为案涉土地使用权抵押登记在国瑞公司名下,其享有抵押权的理由。

终审判决要旨:

关于王福海对案涉土地使用权是否享有优先受偿权问题。首先,双方为了履行《借款合同》关于"由借款人提供其名下不低于500亩土地使用权作为还款的担保并进行抵押登记,另行签订《土地抵押合同》"的约定,在抵押登记制度不健全,抵押登记部门不准予将土地使用权抵押登记在自然人名下的情形下,阳光半岛公司和王福海同意由国瑞公司与阳光半岛公司签订《土地抵押合同》,以国瑞公司名义办理抵押登记,为阳光半岛公司与王福海之间的《借款合同》提供抵押担保,实质是阳光半岛公司与王福海为了履行双方之间的《借款合同》而作的一种交易安排。这样的交易安排体现了阳光半岛公司与王福海以案涉土地使用权为双方之间的借款提供抵押担保的真实意思表示,且不违反法律、行政法规的强制性规定。故案涉《借款合同》、《土地抵押合同》均属合法有效。其次,阳光半岛公司与国瑞公司之间的《土地抵押合同》明确载明:为担保主合同即阳光半岛公司与王福海之间《借款合同》项下债务的履行,阳光半岛公司自愿将登记在其名下的土地使用权为主合同即《借款合同》出借人王福海的债权设立抵押担保。由此可见,阳光半岛公司与国瑞公司之间的《土地抵押合同》并非独立存在的合同,而是附属于阳光半岛公司与王福海之间《借款合同》存在的从合同,亦即没有阳光半岛公司与王福海之间《借款合同》,就没有阳光半岛公司与国瑞公司之间的《土地抵押合同》。故本案抵押权设立没有突破抵押权的从属性,也不存在脱离债权的独立抵押。案涉土地使用权的抵押符合《物权法》第一百七十二条关于担保物权从属性的规定。再次,阳光半岛公司与王福海安排国瑞公司签订《土地抵押合同》,并以国瑞公司名义办理抵押登记,符合《物权法》第一百八十七条关于以建设用地使用权等财产进行抵押,应当办理抵押登记,抵押权自登记时设立的规定。案涉土地使用权经抵押登记,表明在案涉土地使用权上面存在担保物权的权利负担,对外具有公示公信作用。而阳光半岛公司与国瑞公司之间《土地抵押合同》关于案涉土地使用权为王福海债权提供抵押担保的约定,对于阳光半岛公司、国瑞公司和王福海内部之间具有约束力。在没有信赖登记的善意第三人主张权利的情形下,应依据当事人约定来确定权利归属。根据阳光半岛公司与国瑞公司签订的《土地抵押合同》约定,王福海对案涉土地使用权享有实际抵押权,为案涉土地使用权的实际抵押权人;国瑞公司只是《土地抵押合同》约定的名义上抵押权人,对案涉土地使用权不享有抵押权,且国瑞公司在诉讼中也未主张任何权利。因登记制度不健全、登记部门不准予将土地使用权抵押登记在自然人名下原因,导致本案债权人与登记上的抵押权人不一致,只是债权人和抵押权人形式上不一致,实质上债权人和抵押权人仍为同一,并不产生抵押权与债权实质上分离。王福海既是《借款合同》的债权人,也是《土地抵押合同》约定的案涉土地使用权的实际抵押权人,王福海对阳光半岛公司享有的债权实质上就是抵押担保的主债权。故王福海作为本案债权人享有案涉土地使用权的抵押权,符合《物权法》第一百七十九条关于抵押权的一般规定。

综上,王福海上诉主张对案涉土地使用权享有优先权具有合同和法律依据,本院予以支持。一审判决认定本案抵押权与债权分离,王福海对案涉土地使用权不享有优先权,属适用法律错误,本院予以纠正。

三、案例评析

《物权法》第一百七十九条规定:"为担保债务的履行,债务人或者第三人不转移财产的占有,将该财产抵押给债权人的,债务人不履行到期债务或者发生当事人约定的实现抵押权的情形,债权人有权就该财产优先受偿。前款规定的债务人或者第三人为抵押人,债权人为抵押权人,提供担保的财产为抵押财产。"本条强调设定抵押权的目的是为担保债务的履行,条文规定债权人为抵押权人,是指在通常状态下,债权人为抵押权人,但并未排除或禁止债权人委托他人办理抵押登记,并未排除或禁止受托人以自己的名义登记为抵押权人。

在"鲜果、融易担保公司与广元联星公司民间借贷纠纷案"中,虽然将案涉土地使用权抵押登记在名义抵押权人融易担保公司名下,但是抵押登记材料显示的主债权却是一份虚拟的以融易担保公司为出借人的借款合同,虽然这种抵押登记客观上也能限制抵押人将抵押物再对外转让或者二次抵押,但由于各方当事人仅在私下的"七方协议"约定鲜果为"实际抵押权人",但该约定未经依法登记,不产生法律效力,鲜果不能享有处置抵押物并从中优先受偿的权利;正是由于代持抵押权的真实意思表示未体现在提交登记的抵押材料中,未将代持安排形成公示效果,这种"阴阳合同"安排的效果是"形至而神不至",是对不动产登记生效主义的滥用,导致终审判决推翻了一审错误判决,不予确认代持抵押权的效力,不支持鲜果对抵押物的优先受偿权。

相反,在"王福海、国瑞公司与阳光半岛公司民间借贷纠纷案"中,由于在名义抵押权人国瑞公司与抵押人阳光半岛公司签署的用于登记的土地抵押合同中明确约定主合同和主债权为资金出借人王福海与借款人阳光半岛公司之间签署的借款合同及其项下的债权;通过这样的交易安排,把代持抵押权的真实意思表示体现在提交登记的抵押材料中,进而绕过地方性的抵押登记规制障碍,巧妙地将代持安排形成公示效果,实质地适用不动产登记生效主义,最高人民法院作出的终审判决给予充分阐释并明确支持这种交易安排。

从以上案例可见,代持房地产抵押权是一个具有较大争议的问题,不同法院也持有截然不同的处理意见;但最终的裁判思路是相通的,那就是坚持《物权法》第一百八十七条确立的我国不动产抵押权的登记生效主义,重点查明并判断有关代持的真实意思表示是否因登记而产生了公信力。所谓登记生效主义,是指抵押权的设定,以登记为发生效力的要件,换言之,未经登记,抵押权不仅不能对抗第三人,而且在抵押当事人之间也无约束力,亦即抵押权根本不能成立。

基于这一点认识,在主债权合同不存在 《合同法》第五十二条 《最高人民法院关于审理民间借贷案件适用法律若干问题的规定〔法释(2015)18号〕》第十四条规定的合同无效的情形,确保主债权合同合法有效的前提下,为了使代持房地产抵押权最终取得优先受偿的担保效果,还需要在方案设置和执行中体现以下要点:

  1. 主体的统一性。用于办理抵押登记的抵押合同应明确约定其抵押权人仅为名义抵押权人,系受托代理资金出借人持有房地产抵押权,资金出借人才是实际抵押权人,抵押合同约定的抵押权利最终归属于实际抵押权人。
  2. 合同的从属性。用于办理抵押登记的抵押合同应明确指向其担保的主合同是资金出借人与债务人之间签署的并据此发生借贷资金流动的借款合同,使得抵押合同与实际借款合同之间产生法律上的关联,从属于实际借款合同。尤其要避免再虚拟出名义抵押权人与抵押人之间的不具有真实资金流动关系的另一份借款合同作为主合同,这也是实务操作中普遍存在的严重错误,因为虚拟的借款合同不会产生实际主债权,将导致"主合同虚拟,主债权不存在,所以抵押人无需承担抵押责任"的后果。
  3. 登记的必要性。实际抵押权人是谁、主合同是哪一份借款合同,这些都是抵押权设立时要特定化的具有重要法律意义的关键要素,而抵押权自登记时设立,有必要巧妙地将这些关键要素体现在提交登记的文件中,使代持的真实意思表示联接到登记中进而获得公信力。如果为了办理抵押登记而虚拟出名义抵押权人与抵押人之间的不具有真实资金流动关系的另一份借款合同作为主合同,并仅仅通过私下签署整体安排协议或者单独补充协议来确认资金出借人为实际抵押权人,由于私下协议未经登记不具有公示效力,不能据此享有抵押权并从中优先受偿。
  4. 代持的合法性。代持应有正当的理由,并且实际抵押权人和名义抵押权人之间应根据《民法总则》有关委托代理制度和《合同法》有关委托合同的规定签署授权委托文件,明确委托代持抵押权的关系。
  5. 行动的一致性。名义抵押权人应与实际抵押权人一致行动,能做到从签署抵押合同至债权实现的全过程协同实际抵押权人积极行事,例如:作为共同原告协助实际抵押权人提起诉讼、确认代持事实。

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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