The third part is about the effect of the bill hypothecation.

文章第三部分，是票据质押的法律效力问题。

The double hypothecation mechanism is bulied for separate risk.

建立了旨在分散风险的再担保机制。

Lastly, realization order of chattel hypothecation shall be addressed.

最后，研究动产抵押应关注抵押权实现的顺位问题。

The flourish of chattel hypothecation benefits from Anglo-American law.

动产抵押制度重新焕发生命力得益于英美法系。

The realization of hypotheca is the core content of hypothecation system.

抵押权的实现是抵押权制度的核心内容。