Article 394 of the Civil Code of People's Republic of China (PRC) defines mortgage as the performance of secured debt. If the debtor or a third party mortgages the property to the creditor without transferring the possession of the property, the debtor fails to perform the due debt or the creditor has the right to receive priority compensation 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.
Article 425 of the Civil Code of People's Republic of China (PRC) defines chattel pledge as the performance of the secured debt. If the debtor or a third party delivers his movable property to the creditor for possession, and the debtor fails to perform the due debt or realize the pledge according to the agreement of the parties, the creditor has the right to be paid in priority for the movable property.
The debtor or the third party specified in the preceding paragraph is the pledger, the creditor is the pledgee, and the delivered movable property is the pledged property.
Article 440th of the Civil Code of People's Republic of China (PRC) Scope of Rights Pledge The following rights that the debtor or a third party has the right to dispose of can be pledged:
(1) Bills of exchange, promissory notes and checks.
(2) Bonds and certificates of deposit.
(3) Warehouse receipts and bills of lading;
(4) Transferable fund shares and equity;
(5) Transferable intellectual property rights such as the exclusive right to use a registered trademark, patent right and copyright;
(6) Existing and future accounts receivable;
(7) Other property rights that can be pledged according to laws and administrative regulations.
Definition of lien in Article 447 of the Civil Code of People's Republic of China (PRC) * * * If the debtor fails to perform the due debt, the creditor may retain the chattel that the debtor has legally possessed, and has the right to be paid in priority for the chattel.
The creditor specified in the preceding paragraph is the lien holder, and the movable property it occupies is the lien property.
Article 68 1 of People's Republic of China (PRC) Civil Code defines a guarantee contract as a contract to guarantee the realization of creditor's rights. The guarantor and the creditor agree that when the debtor fails to perform the due debt or the circumstances agreed by the parties occur, the guarantor will perform the debt or assume the responsibility.