Abstract:

The sub-pledge system first emerged in the early Germanic period and it can be divided into sub-pledge by acceptance
and responsible sub-pledge. Different from the sub-pledge by acceptance，responsible sub-pledge has been the focus of
controversy in theory and practice because of its complexity and challenge to the“autonomy”. The current legislation in China
ignored the existence of responsible sub-pledge and has not made clear provision for responsible sub-pledge，which breeds
the following problems: ignoring the usual existence of responsible sub-pledge in reality could lead to imbalance in interests
protection for all parties；the inherent limitations of sub-pledge by acceptance often place itself in a false position；it’s not
conducive to the principle of“make the best use of everything”and hinder the improvement of overall economic benefits in
society. Introducing the responsible sub-pledge system is an appropriate choice for China’s future legislation in the face of the
existence of responsible sub-pledge and the lack of relevant legislation.

Key words: sub-pledge, responsible sub-pledge, sub-pledge by acceptance, bona-fide third purchaser