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A Brief Discussion of the Special Procedure for Enforcing Security Interests

When the debtor fails to repay the debt on time, in order to realize the secured property (i.e., auctioning or selling the secured property) to realize the creditor's rights, the common practice is for the creditor to file a lawsuit with the people's court to determine the main claim and then apply to the court for enforcement. However, realizing security interests through litigation is a complex and lengthy process. In response, the Civil Procedure Law stipulates a special procedure for realizing security interests, which is a non-litigation model for realizing security interests, which, compared to litigation models...