Mortgage precedes pledge. If the mortgage is unregistered, the unregistered mortgage has no effect against the third party. Although the unregistered mortgage was established before, the pledge should be superior to the mortgage. When the parties register the mortgage, the effectiveness of the mortgage naturally takes precedence over the pledge.
If there is a mortgage after the existing pledge, under normal circumstances, it is not appropriate to set the mortgage after the pledge is set. If the parties agree to set up a mortgage on the pledged property again, the effect of pledge shall be superior to that of mortgage, regardless of whether the mortgage is registered or not.
Legal basis:
Article 456 of the Civil Code
If a mortgage or pledge has been set on the same movable property, and the movable property is retained, the lien holder shall enjoy the priority of compensation.
Article 447
When the debtor fails to perform the due debt, the creditor may retain the movable property that the debtor has legally possessed, and has the right to be paid in priority for the movable property. The creditor specified in the preceding paragraph is the lien holder, and the movable property it occupies is the lien property.
Article 394
In order to guarantee the performance of the debt, if the debtor or a third party mortgages the property to the creditor without transferring the possession of the property, if the debtor fails to perform the due debt or realize the mortgage right according to the agreement of the parties, the creditor has the right to be paid in priority for the property.
The debtor or the third party specified in the preceding paragraph is the mortgagor, the creditor is the mortgagee, and the property that provides guarantee is the mortgaged property.