Abstract: Article 406 of the Civil Code confirms the tracing effect of the mortgage,but the tracing effect of the chattel mortgage is limited by the doctrine of filing antagonism of the chattel mortgage and the normal operation buyer rule of Article 404.This article took the three subsidiaries of Liaoning Huishan Dairy Group as the starting point to analyze the legitimacy of the tracing effect of chattel mortgage,and then analyzed the circumstances and reasons why the tracing effect of chattel mortgage was easily blocked,and proposed a method for the dilemma of the chattel mortgage being easily blocked,which was aimed at solving the conflict between Articles 403,404,and 406 of the Civil Code.

Key words: chattel mortgage, the tracing effect, filing effectiveness as against third party, buyer in the ordinary course of business