Solution to ''Difficulty in Performance'': Research on the Escrow System after the Legal Instruments Coming into Effect

There are currently two different opinions on the way to rule and regulate those obligees who refuse to accept obligor's performance of obligations without justified reasons after the legal instruments coming into effect, one is permitting obligor to apply to the People’s Court for execution, the other is allowing the obligor to pay off debts by escrow. The obligor applies to the People's Court for execution seems to be against logic of law, but solving this problem by escrow does make sense. However, the regulations about escrow in China is brief, in addition to improving the regulations about escrow in Civil Code, we can learn from foreign legislation to enact a Escrow Law. Furthermore, considering the particularity of rights and obligations as determined in an effective legal document, it’s necessary to enact a Judicial Interpretation to make it clear that the Executive Board in the Executive Court is the statutory escrow institution after the legal instruments coming into effect, and to prescribe special matters about escrow in the People's Court.