Security for Preservation of Property
Security for Preservation of Property
Upon acceptance of a petition for preservation of property, the court may order the petitioner to provide a security before granting the petition and making an order for preservation of property. If the petitioner fails to provide a security or pay a deposit as ordered by the court, the court will dismiss the petition and refuse to take a preservation action.
The decision to accept or reject a petition for preservation of property shall be made within forty-eight hours upon receipt of the petition in case of an emergency. And the court shall promptly take a preservation action if it accepts the petition and makes an order for preservation of property.
An interested party may also file a petition for preservation of property if he believes that his legitimate rights and interests would suffer irreparable damage in the absence of a preservation action in case of an emergency.
A petition for preservation of property may fall under the jurisdiction of different courts, but it is recommended that such a petition be directly submitted to the intermediate court in the place where the property to be preserved is located in the case of an international arbitration or litigation case, which is more time-saving for the petitioning party.
Robert Zhang 
Steve Li 