The mechanism of mortgage is a necessity for the healthy development of the market economy. The right to mortgage has two main functions, namely to guarantee the debit and to raise funds. The mortgagee＇ s disposition right is of great importance to the realization of these two functions. A well developed mechanism of mortgagee＇ s disposition right will not only give enterprises more access to funds, but also promote the prosperity of the economic market. Article 191 of the China＇ s Property Law provides that ＂In case a mortgagor transfers the property under mortgage during the mortgage term upon consent of the mortgagee, the mortgagor shall pay off its debts to the mortgagee with the money incurred from the transfer in advance or submit the said money to a competent authority for keeping. The value exceeding the obligee＇s rights shall belong to the mortgagor, and the gap shall be paid off by the obligor. A mortgagor shall not transfer the property under mortgage during the mortgage term without the mortgagee＇s consent, unless the transferee pays off the debts on its behalf so as to eliminate the right to mortgage.＂ This provision reflects that the restrictions on the transfer of the mortgaged property have been relaxed. This kind of change is benefitial to the legal right of creditor and at the same time guarantees the mortgagee＇ s disposition right, thus realizes the funds-raising function of mortgage.