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  The right of pledge is the only collateral right over movable properties specified in our civil code. Since the right of pledge adopts principle of possession of properties, direct possession by debtor or pledgor is not admitted. To avoid this inconvenience, collateral assignment and possession right reservation have played an important role in our country. In collateral assignment for movable properties, since delivery of right of pledge while possessing properties is used, the debtor can use the pledged properties continuously, but this disclosure method is very incomplete because the third party cannot know from outside. Namely, in case of collateral assignment, the third party might set pledge on properties without knowing the whole or parts of collective properties were already provided by collateral assignment. Therefore, duplicate collateral assignment may happen, and the range of effect by collective collateral assignment may be problematic during the course of liquidation. To use collateral assignment properly, it is needed to adopt more clear disclosure method. Japan recently enacted new Movable Properties Disclosure Act adopting registration system as well as delivery as a disclosure method of movable properties assignment. This will be a good reference to us.

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