The [secured transactions] law should provide that the commencement of insolvency proceedings in respect of the grantor does not displace the conflict-of-laws rules applicable to the creation and third-party effectiveness of a security right.
115. [担保交易]法律应规定，不会因启动与设保人有关的破产程序而替换适用于担保权的设定和第三方对抗效力的冲突法规则。