| 中华人民共和国物权法（英文版） |
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For alienating, exchanging, using as equity contribution, endowing, or mortgaging the right to use construction land, an application for alteration registration shall be submitted to the registration organ. Article 146 When alienating, exchanging, using as equity contribution, endowing, or mortgaging the right to use construction land, the buildings, fixtures and affiliated facilities thereof on such land shall be disposed of at the same time. Article 147 When alienating, exchanging, using as equity contribution, endowing, or mortgaging the buildings, fixtures and affiliated facilities thereof, the right to use construction land covered by the aforesaid buildings, fixtures and affiliated facilities thereof shall be disposed of at the same time. Article 148 Before the term of the right to use construction land expires, where it is necessary to take back the land in advance by virtue of public interests, compensations shall, according to Article 42 of this Law, be given to the houses and other realties on such land, and corresponding land transfer fees shall be returned back. Article 149 When the term of the right to use construction land for dwelling houses expires, it shall be renewed automatically. As regards the term of the right to use construction land not for dwelling houses, the renewing shall be subject to legal provisions. In case there exists any stipulation on the ownership of houses and other realties on the aforesaid land, such stipulation shall prevail; in the case of no or unclear such stipulation, the ownership shall be determined in accordance with the provisions in the laws and administrative regulations. Article 150 Where the right to use construction land is terminated, the transferor shall go through deregistration formalities in time, and the certificate on the right to use construction land shall be taken back by the registration organ. Article 151 Where a piece of collectively-owned land is used as construction land, it shall be handled in accordance with the law on land administration and other related laws. Chapter XIII Right to Use House Sites Article 152 The holder of the right to use house sites has the right to possess and use land owned by a collective, and to construct residential houses and affiliated facilities thereof by utilizing such land. Article 153 For acquiring, exercising and alienating the right to use house sites, the law on land administration, other related laws and the related provisions of the state shall apply. Article 154 The right to use house site shall be terminated where a house site is terminated by virtue of any natural disaster, etc.. A villager losing a house site shall be allotted a house site again. Article 155 The alteration or cancellation registration shall be made in time in the case of the alienation or termination of a registered right to use house sites. Chapter XIV Easement Article 156 An easement holder shall, according to the contract, be entitled to utilize the realty of someone else so as to enhance the efficiency of his own realty. The term “realty of someone else” as referred to in the preceding Paragraph shall be the servient tenement, and “one s own realty” shall be the dominant tenement. Article 157 For establishing an easement, the parties concerned shall enter into an written easement contract. In general, an easement contract shall contain the items as follows: (1) name and domicile of the related parties; (2) locations of servient tenement and dominant tenement; (3) purposes of use and methods; (4) use term; (5) fees and payment method; and (6) dispute settlement method. Article 158 The easement shall be established since the easement contract comes into effect. Where the related parties considers that the registration thereof is necessary, they may apply to the registration organ for easement registration; otherwise, they may not challenge any third party with good faith. Article 159 The holder of servient tenement shall allow an easement holder to use his/its land in accordance with the contract, and may not hamper the latter from exercising the right. Article 160 An easement holder shall, according to the purposes and methods as stipulated in the contract, use the servient tenement, and make efforts to reduce the real right restrictions on the holder of the servient tenement. Article 161 The easement term shall be stipulated by the related parties, however, it can not be longer than the remnant term of such usufructuary rights as the right to the contracted management of land, the right to use construction land, etc. Article 162 As regards the easement enjoyed or assumed by the owner of the land, where the right to the contracted management of land or the right to use house site is created, holders of such rights the right to the contracted management of land or rights may continuously enjoy or assume such established easement. Article 163 Where any such usufructuary right as the right to the contracted management of land, the right to use house site, etc on the land has already been established, the land owner may, without consent of the aforesaid usufructuary right holder, not establish any easement. Article 164 The easement may not be transferred alone. Unless it is otherwise stipulated by the contract, where any such usufructuary right as the right to the contracted management of land, the right to use construction land, the right to use house site, etc is alienated, the easement shall be alienated at the same time. Article 165 The easement may not be mortgaged alone. Where the right to the contracted management of land or the right to use construction land, etc. is mortgaged, when such mortgage is realized, the easement shall be alienated simultaneously. Article 166 When the dominant tenement as well as the right to the contracted management of land, the right to use construction land or the right to use house site thereon are partially alienated, the transferee shall enjoy the easement simultaneously in case the easement is involved in the alienated part,. Article 167 When the servient tenement as well as the right to the contracted management of land, the right to use construction land thereon are partially alienated, the easement shall be binding on the alienatee if the easement is involved in alienated part. Article 168 The holder of the servient tenement has the right to rescind the easement contract in case an easement holder is under any of the following circumstances, and the easement shall be terminated: (1) to go against the legal provisions or the contract, or misuse the easement; or (2) as regards the paid use of servient tenement, upon expiration of the stipulated time limit for payment, fails to pay fees within a reasonable period for two times after being urged to do so. Article 169 For changing, alienating or eliminating the registered easement, the alteration or cancellation registration shall be go through in a timely manner. Part IV Real Rights for Security Chapter XV General Rules Article 170 Where the obligor fails to pay its due debts or any circumstance for realizing real rights for security as stipulated by the parties concerned happens, the holder of real rights for security shall enjoy preferred payments from the property for security, except that it is otherwise provided for by any law. Article 171 According to the present Law or any other law, an obligee may, in such civil activities as loans or sales, establish the real rights for security in case the security is required for ensuring the realization of its/his credits. Where a third party provides security to the obligee for an obligor, countersecurity from the obligor may be required. The countersecurity shall be pursuant to the present Law and other related laws. Article 172 For establishing real rights for security, a security contract shall be entered into in accordance with the present Law and the other related laws. A security contract shall be a subordinate one to the principal contract. Unless it is otherwise prescribed by any law, the security contract shall be invalid when the principal contract is nullified. After a security contract is confirmed to be nullified, the obligor, the security provider and the obligee that has faults shall, in light of their respective faults, undertake corresponding civil liabilities. Article 173 The security range shall cover principal obligee s rights and their interests, default fines, damages as well as expenses for keeping the property for security and for realizing the real rights for security. In case there are otherwise stipulations between the related parties, such stipulations shall prevail. Article 174 In case, during the security term, the property for security is damaged, lost or expropriated, the security holder may seek preferred payments from the insurance money, damages or indemnities, etc. incurred therefrom. If the term for performing the obligee s rights as secured has not expired, such insurance money, damages or indemnities, etc. may be submitted to a competent authority for keeping. Article 175 As regards any security provided by a third party, where the obligee, without obtaining the written consent of the third party, allows the obligor to transfer all or part of its obligations, the security provider does not have to undertake corresponding security liabilities any more. Article 176 As regards a secured credit involving both physical and personal security, where the obligor fails to pay its due debts or any circumstance as stipulated by the parties concerned for realizing the property for security happens, the obligee shall realize the obligee s rights as stipulated; in the case of no or unclear such stipulation, and where the obligor provides his/its own property for the security, the obligee s rights shall be realized firstly by the security in property; and if the security by property is provided by a third party, the obligee may, by the physical security or through requiring the guarantor to assume the guaranty liability, realize the obligee s rights. The third party has the right,, after undertaking the security liability, to recover payments from the obligor. Article 177 Real rights for security may be terminated under any of the following circumstances: (1) The principal obligee s rights are terminated; (2) The real rights for security have been realized; (3) The obligee waives the real rights for security; or (4) Any other circumstance under which the real rights for security will be terminated as provided for by any law. Article 178 Where any provision in the Security Law conflicts with that of the present Law, the latter shall prevail. Chapter XVI Mortgage Right Section 1 General Mortgage Right Article 179 In order to ensure the payment of debts, an obligor or a third party mortgages his/its properties to the obligee without transferring the possession of such properties, and when the obligor fails to pay due debts or any circumstance as stipulated by the parties concerned for realizing the mortgage right happens, the obligee has the right to seek preferred payments from such properties. The “obligor” or “third party” as referred to in the preceding paragraph shall be the mortgagor, the “obligee” shall be the mortgagee, while the “properties for security” shall be the mortgaged properties. Article 180 As regards the following properties that the obligor or the third party has the right to dispose of, mortgage may be established thereon : (1) buildings and other objects fixed to land; (2) the right to use construction land; (3) the right to contracted management of such land as barren land, etc. that is acquired through bid invitation, auction and public consultation, etc.; (4) manufacturing facilities, raw materials, semi-manufactured goods and finished products; (5) buildings, vessels and aircraft under construction; (6) means of communications and transportation; and (7) other properties not prohibited from being mortgaged by any law or administrative regulation. All the properties listed in the previous paragraph may be mortgaged together by a mortgagor. Article 181 An enterprise, individual industrial and commercial household or agricultural production operator may, upon the written agreement between the parties concerned, mortgage the existing manufacturing facilities, raw materials, semi-manufactured goods and finished products or those to be owned in future, and when the obligor fails to pay its/his due debts or any circumstance as stipulated by the parties concerned for realizing the right to mortgage arises, the obligee has the right to seek preferred payments from the chattels existing at the time of the realization of the right to mortgage. Article 182 For mortgaging building, the right to use construction land within the area of this building shall be mortgaged together. When mortgaging the right to use construction land, all the buildings on such land shall be mortgaged together. Where a mortgagor fails to mortgage the properties in accordance with the provisions in the preceding paragraph, the properties not mortgaged shall be treated as having been mortgaged together. Article 183 As regards the right to use construction land of a township or village enterprise, mortgages may not be alone established thereon. Where the plant of a township and village enterprise is mortgaged, the right to use construction land within the area of such plant shall be mortgaged together. Article 184 Any of the following properties may not be mortgaged: (1) ownership of land; (2) the right to use such collectively-owned land as cultivated land, house sites, land and hilly land allotted for private use, etc, except for those mortgagable as prescribed by any law; (3) educational, medical, healthy and other public welfare facilities of such institutions and social groups with the aim of benefiting the public as schools, kindergartens, hospitals, etc; (4) properties with unclear or controversial ownership or use rights; (5) properties legally confiscated, seized or controlled; or (6) other properties that cannot be mortgaged as prescribed by any law or administrative regulation. Article 185 For establishing a mortgage right, the parties concerned shall enter into a written mortgage contract. In general, a mortgage contract shall contain the items as follows: (1) the variety and sum of the secured obligee s rights; (2) the time limit to pay debts by the obligor; (3) the name, amount, quality, situation, location, attribution of ownership or use right of the mortgaged property; and (4) the security scope. Article 186 The mortgagee and the mortgagor may, prior to the expiration of the time limit for paying debts, not stipulate that the ownership of the mortgaged property will attributed to the obligee when the obligor fails to pay its due debts. Article 187 In case properties as provided for in Items (1), (2) and (3) of Paragraph 1 of Article 180 in the present Law or a building under construction in Item (5) are mortgaged, the mortgage registration shall be gone through, and such mortgage right shall be established as of the date of registration. Article 188 In case properties as provided for in Items (4) or (6) of Paragraph 1 of Article 180 of the present Law or a vessel or aircraft under construction as provided for in Item (5) are mortgaged, the mortgage right shall be established since the mortgage contract comes into effect; without the registration, the mortgage right may not challenge any third party with good faith. Article 189 As regards the mortgage of the chattels prescribed in Article 181 of the present Law provided by an enterprise, individual industrial and commercial household or agricultural production operator, registration shall be handled by the administrative department for industry and commerce at the locality of the mortgagor. The mortgage right shall be established since the mortgage contract comes into effect; without the registration, such mortgage right may not challenge any third party with good faith. The mortgage as provided for in Article 181 of the present Law may not challenge the buyer which has paid a reasonable price and obtained the mortgaged property in normal business operations. Article 190 Where the mortgaged property has been leased prior to the entering into of the mortgage contract, the original leasehold relations may not be impacted by the mortgage right. Where it is leased after the establishment of the mortgage right, the leasehold relation may be challenge the registered mortgage right. Article 191 Where a mortgagor alienates, upon consent of the mortgagee, the mortgaged property during the mortgage term, the money generated from such alienation shall be used to pay off debts to the mortgagee in advance or be submitted to a competent authority for keeping. The value exceeding the obligee s rights shall be attributed to the mortgagor, and the gap shall be paid off by the obligor. Without the mortgagee s consent, a mortgagor may not alienate the mortgaged property during the mortgage term,, unless the transferee pays off the debts on behalf of the mortgagor so as to terminate the mortgage right. Article 192 The mortgage right may not be alienated alone, or be used as a security for other obligee s rights by departing from the obligee s rights. Unless it is otherwise prescribed by any law or is otherwise stipulated by the parties concerned, when the obligee s rights are alienated, the mortgage right thereof shall be alienated concurrently. Article 193 Where any act of the mortgagor may sufficiently cause the reduction of the value of the mortgaged property, the mortgagee has the right to require the mortgagor to cease such act. Where the value of the mortgaged property has been lowered, the mortgagee has the right to require the mortgagor to recover the value, or provide a security equal to the reduced value. Where the mortgagor neither recovers the value nor provides any security, the mortgagee has the right to require the obligor to pay off the debts in advance. Article 194 A mortgagee may abandon the mortgage right or the sequence thereof. A mortgagee and a mortgagor may, through negotiations, alter the sequence of the mortgage right or the amount of secured obligee s rights, etc., however, such alteration may not produce unfavorable influences on any other mortgagee without the written consent thereof. Where an obligor creates the mortgage by its/his own properties, and the mortgagee abandons the mortgage right or the sequence thereof or alter such mortgage right, other security providers shall, within the scope for which the said mortgagee has lost the right to seek preferred payments, be exempted from the security liability, unless any of other security providers promises to provide the security all the same. Article 195 When the obligor fails to pay its/his due debts or any circumstance as stipulated by the parties concerned for realizing the right to mortgage arises, the mortgagee may, upon negotiation with the mortgagor, convert the mortgaged property into money or seek preferred payments from the money generated from the auction or sale of the mortgaged property. Where the said agreement has injured the interests of any other obligee, the obligee may, within one year after he/it has known or should know the cause for cancellation, require the people s court to cancel such agreement. Where no agreement on the means of realizing the mortgage right is achieved between the mortgagee and the mortgagor, the mortgagee may require the people s court to auction or sell off the mortgaged property. When converting into money or selling off the mortgaged property, its marker price shall be referred to. Article 196 As regards the mortgage created in accordance with Article 181 of the present Law, the mortgaged property shall be determined when any of the following circumstances arises: (1) Upon expiration of the time limit for paying debts, the obligee s rights have not been realized; (2) The mortgagor has been declared bankrupt or has been canceled; (3) Other circumstances as stipulated by the parties concerned occurs for realizing the mortgage right; or (4) Any other circumstance seriously impacting the realization of obligee s rights. Article 197 When the obligor fails to pay its/his due debts or any circumstance as stipulated by the parties concerned for realizing the mortgage right arises, and the mortgaged property is thus seized by the people s court in accordance with law, the mortgagee has the right to collect natural or statutory fruits of the mortgaged property as of the date of seizure, unless the mortgagee has failed to inform the subject liable to pay off statutory fruits. As regards the “fruits” as referred to in the preceding paragraph, they shall be firstly used for paying the collection expenses thereof. Article 198 The value exceeding the obligee s rights shall be attributed to the mortgagor, and the gap shall be paid off by the obligor, after the mortgaged property has been converted into money, auctioned or sold off. Article 199 In case a same property is mortgaged to two or more obligees concurrently, the money generated from the auction or sale of the mortgaged property shall be used for paying debts in light of the prescriptions as follows: (1) In case all the mortgage rights to have been registered, the payments shall be made according to the registration sequence; and where the sequence is the same, the payments shall be made on the basis of the proportion of obligee s rights; (2) The registered mortgage right shall be cleared off prior to the unregistered one; and (3) In case no mortgage right has been registered, the payments shall be made on basis of the proportion of obligee s rights. Article 200 The buildings newly constructed on the land after the mortgage of the right to use construction land may not belong to the mortgaged properties. Such newly-constructed buildings can be disposed of together with the disposal of the aforesaid right to use construction land so as to realize the mortgage right, however, the mortgagee has no right to seek preferred payments from the money generated from the disposal of these newly-constructed buildings. Article 201 As regards the mortgage of the right to the contracted management of land as provided for in Item (3) of Paragraph 1 of Article 180 of the present Law or the right to use construction land occupied by the plant or any other building of a township or village enterprise as prescribed in Article 183 of the present Law, after such mortgage right is realized, without completing the statutory procedures, the nature of land ownership or land use may not be altered. Article 202 A mortgagee shall, within the limitation of action for the principal obligee s rights, exercise the mortgage right, otherwise, such mortgage right will not be protected by the people s court. Section 1I Mortgage Right at Maximum Amount Article 203 For ensuring the payment of debts, an obligor or third party may provide mortgage security to the obligee for the obligee s rights that will continuously happen within a certain term, and when the obligor fails to pay its/his due debts or any circumstance as stipulated by the parties concerned for realizing the mortgage right happens, the mortgagee has the right to seek preferred payments from the security properties within the maximum amount of obligee s rights. The obligee s rights existing prior to the establishment of the mortgage right at maximum amount may, upon the consent of the parties concerned, be incorporated into the scope of obligee s rights under the mortgage security at maximum amount. Article 204 Unless it is otherwise stipulated by the parties concerned, in case part of obligee s rights are transferred prior to the establishment of the mortgage security at maximum amount, the mortgage right at maximum amount may not be transferred. Article 205 Prior to the determination of the obligee s rights under the mortgage security at maximum amount, the mortgagee and the mortgagor may, upon agreement, alter the term for the determination of the obligee s rights, the scope of obligee s rights or the maximum amount of obligee s rights, however, such alteration may not cause any unfavorable influence to any other mortgagee. Article 206 The mortgagee s obligee s rights shall be determined, if any of the following circumstances occurs,: (1) The stipulated term for the determination of the obligee s rights expires; (2) In case there is no stipulation on such term or the related stipulations are not explicit, and where the mortgagee or the mortgagor requires determine the obligee s rights after two years as of the date for the establishment of the mortgage right at maximum amount; (3) no new obligee s right may happen; (4) The mortgaged property is sealed up or seized; (5) The obligor or the mortgagor is declared bankrupt or is revoked; or (6) Any other circumstance as prescribed by any other law for determining the obligee s rights arises. Article 207 The mortgage right at maximum amount shall be governed by, in addition to the provisions in this Section, the provisions on general mortgage right as provided for in Section 1 of this Chapter. Chapter XVII Pledge Right Section 1 Chattel Pledge Article 208 For the security of the payment of debts，an obligor or a third party may pledge his (its) chattels to the obligee for occupation, and when the obligor fails to pay due debts or any circumstance for realizing the pledge right as stipulated by the parties happens, the obligee has the right to seek preferred payments from the pledged chattels. The “debtor” or “third party” as referred to in the preceding paragraph shall be the pledger, the “obligee” shall be the pledgee, and the “chattels” as delivered shall be the pledged property. Article 209 The chattels，which are forbidden from being pledged by any law or administrative regulation， may not be pledged. Article 210 For establishing the pledge right, the parties concerned shall enter into a contract on pledge right in written form. In general， a contract on pledge right shall contain the following items: (1) the variety and amount of the principal obligee s rights; (2) the time limit for the obligor to pay off debts; (3) the name, amount, quality and condition of the pledge; (4) the scope of security; and (5) the time for the deliver of pledged properties. Article 211 The pledgee and the pledger may not, prior to the time limit for paying debts expires， stipulate that the ownership of pledged properties be attributed to the obligee when the obligor fails to pay due debts. Article 212 The pledge right shall be established after the pledgee has delivered the pledged properties. Article 213 Unless it is otherwise stipulated in the contract, a pledgee has the right to obtain the fruits of the pledged properties. The “fruits” as referred to in the preceding paragraph shall be firstly used for paying the expenses for collecting the fruits. Article 214 Where a pledgee, without consent of the pledger, illegally uses or disposes of the pledged properties within the duration of the pledge right, and thus damages are caused to the pledger, he/it shall make compensations. Article 215 A pledgee shall be obliged to properly keep pledged properties; and where pledged properties are damaged or lost by virtue of improper keeping, the pledgee shall make compensations. Where pledged properties may be damaged or lost by act of the pledgee, the pledger may ask for the pledgee to submit them to a competent authority for keeping or require pay debts in advance and take back them. Article 216 Where any cause not attributable to t the pledge fault may result in the destruction of the pledged properties or an obvious decrease of the value of the pledge, and which is sufficient to damage the pledgee s rights, the pledgee has the right to require the pledger to provide corresponding security. Where the pledger refuses to do so, the pledgee may auction or sell off the pledged properties, and may, by negotiating with the pledger, seek preferred payments for the obligee s rights in advance with the money generated from such auction or sell-off, or submit the said money to a competent authority for keeping. Article 217 Where a pledgee transfers, without consent of the pledger, the pledge within the duration of the pledge right, and thus destroy or loss are caused to the pledged properties, he/it shall make compensations to the pledger. Article 218 A pledgee may abandon the pledge right. Where an obligor provide the pledge right by his/its own properties, and the pledgee abandons the pledge right, unless any of other security providers promises to provide the security all the same, other security providers security liability will be exempted within the scope for which the pledgee has lost the right to seek preferred payments. Article 219 Where the obligor has paid off the debts or the pledger has fulfilled the secured obligee s rights in advance, the pledgee shall return the pledged properties. Where an obligor fails to pay off its due debts or any circumstance for realizing the pledge right as stipulated by the parties concerned happens, the pledgee may, by negotiating with the pledger, convert the pledge into money or seek preferred payments from the money generated from the auction or sell-off of the pledged properties. When converting the pledged properties into money or selling off them, their market price shall be referred to. Article 220 A pledger may, upon expiration of the time limit for paying debts, request the pledgee to exercise the pledge right in a timely manner; if the pledgee fails to do so, the pledger may ask for the people s court to auction or sell off the pledged properties. Where a pledger has requested the pledgee to exercise the pledge right in a timely manner, but the pledgee is lazy to do so and thus damages are caused, the pledgee shall make compensations. Article 221 After pledged properties are converted into money, auctioned or sold off, the value exceeding the obligee s rights shall be attributed to the pledger, and the gap shall be paid off by the obligor. Article 222 The pledger and the pledgee may, upon negotiation, set up the pledge right of maximum amount. The pledge right of maximum amount shall be governed by, in addition to the related provisions in this Section, the provisions on mortgage right at maximum amount prescribed in Section 1I of Chapter 16 of the present Law by reference. Section 1I Right Pledge Article 223 Pledge may be established on any of the following rights which an obligor or third party has the right to dispose of: (1) money orders, checks, and cashier s checks; (2) bonds and deposit receipts; (3) warehouse receipts and lading bills; (4) transferable fund units and stock rights; (5) such transferable property rights in intellectual property as exclusive trademark rights, patent rights, copyrights, etc; (6) account receivables; or (7) other property rights that can be pledged as prescribed by any law or administrative regulation. Article 224 The parties concerned shall conclude a written contract for the pledge of a money order, check, cashier s check, securities, deposit receipt, warehouse receipt or bill of lading. The pledge right shall be established after the deliver of the title certificate of the pledge to the pledgee. In case there is no title certificate, the pledge right shall be established after the related department has handled the registration of the pledge. Article 225 The pledgee may make redemption or pick up the goods, and may, by negotiating with the pledger, seek preferred payments in advance with the redeemed money or the picked up goods, or submit the said money or goods to a competent authority for keeping，in case the date of redemption or delivery of the money order, check, cashier s check, bonds, deposit receipt, warehouse receipt or lading bill of is prior to the deadline of principal obligee s rights. Article 226 The parties concerned shall enter into a written contract for the pledge of fund units or stock rights. As regards the pledge of fund units or the stock rights that are registered in the securities depository and clearing institution, the pledge right shall be established after the securities depository and clearing institution has handled the registration of the pledge. As regards the pledge of other stock rights, the pledge right shall be established after the administrations for industry and commerce has handled the registration of the pledge. After the fund units or stock rights have been pledged, unless it is otherwise agreed to by the pledger and the pledgee upon negotiations， they may not be alienated. As regards the money incurred from the transfer of fund units or stock rights， the pledger shall fulfill the obligee s rights to the pledgee in advance with it, or submit it to a competent authority for keeping. Article 227 As regards the pledge such property rights in the intellectual property as registered trademark rights, patent rights, copyrights，etc, the parties concerned shall enter into a written contract, and the pledge right shall be established after the related competent authority has handled the registration of the pledge. After the property rights in the intellectual property have been pledged, unless it is otherwise agreed to between the pledger and the pledgee upon negotiations， the pledger may not alienate the pledge or permit anyone else to use it. As regards the money incurred from the alienation of the pledged intellectual property or the permission of anyone else to use it， the pledger shall use it to fulfill the obligee s rights in advance, or submit it to a competent authority for keeping. Article 228 As regards the pledge of receivables, the parties concerned shall enter into a written contract, and the pledge right shall be established after the related credit rating institution has handled the registration of the pledge. After the receivables have been pledged, unless it is otherwise agreed on by the pledger and the pledgee upon negotiations， the pledger may not alienate the pledged receivables. As regards money incurred form the alienation of accounts receivable， the pledger shall use it to fulfill the obligee s rights in advance, or submit it to a competent authority for keeping. Article 229 The pledge of rights shall be governed by， in addition to the provisions prescribed in this Section， the provisions in Section 1 of this Chapter on the pledge of chattels. Chapter XVIII Lien Article 230 Where an obligor fails to pay off its due debts, the obligee may take lien of the chattels that are owned by the obligor and lawfully occupied by the obligee, and has the right to seek preferred payments from such chattels. The “obligee” as referred to in the preceding Paragraph shall be the lienor, and the occupied chattels shall be the property under lien. Article 231 The chattels taken as lien by the obligee and the obligee s rights shall fall into a same legal relationship, except for the lien between enterprises. Article 232 As regards chattels of which no lien may be taken as prescribed by law or stipulated by the parties concerned, lien may not be taken of them. Article 233 Where a property under lien is a divisible object, its value shall be equal to the amount of debts. Article 234 A lienor shall assume the obligation to properly keep the property under lien, and shall make compensations in case the property under lien is damaged or lost by virtue of improper safekeeping. Article 235 A lienor has the right to obtain the fruits generated from the property under lien. The “fruits” as referred to in the preceding paragraph shall be firstly used for the payments of the expenses for collecting the fruits. Article 236 A lienor shall, after the property is taken as lien, stipulate with the obligor the term for the fulfillment of the obligee s rights; and in caseof no or unclear stipulation, two months or more shall be given to the obligor for fulfilling the obligee s rights, except for such chattels that are not easy to be kept as fresh goods, perishable goods, etc.. Where the obligor fails to fulfill within the time limit, the lienor may convert the property under lien into money by negotiating with the obligor, or seek preferred payments from the money generated from the auction or sell-off the property under lien. When the property under lien is converted into money or sold off, its market price should be referred to. Article 237 An obligor may, upon expiration of the time limit for fulfilling the obligee s rights, require the lienor to exercise the lien; and where the lienor fails to do so, the obligor may ask for the people s court to auction or sell off the property under lien. Article 238 The obligor shall after the property under lien is converted into money, auctioned or sold off, enjoy the ownership of the value exceeding the obligee s rights or make up shall be attributed to the gap. Article 239 The lienor has the right to seek preferred payments in case the right to mortgage or the right of pledge has been established on a chattel before it is taken as lien. Article 240 The lien shall perish in case a lienor losses the possession of the property under lien or accepts other security separately provided by the obligor. Part V Possession Chapter XIX Possession Article 241 In case the possession occurs on the basis of a contractual relationship, the related stipulations in the contract shall be apply to the use, proceedings and default liability of the realty or chattel concerned; and the relevant legal provisions shall apply if there is no such stipulation in the contract or the stipulations are not clear,. Article 242 Where a possessor causes infringes to the realty or chattel under his (its) possession when using them, it/he shall make compensations if being malicious. Article 243 Where a realty or chattel is possessed by a possessor, the holder may ask for the return of original object and fruits thereof, but necessary expenses for the maintenance of this realty or chattel paid by the bone fide possessor shall be paid possessor l. Article 244 Where a realty or chattel under possession is damaged or lost, the possessor shall return the insurance money, damages or indemnities for the said destruction or loss to the holder if the holder requires compensations; and a malicious possessor shall make compensations in case the impairment to the holder has not been sufficiently made up. Article 245 Where a realty or chattel under possession is encroached on, the possessor has the right to require the return of the original object; where any act impairs the possession, the possessor has the right to request the termination of impairment or danger; and where any damage is caused by virtue of encroachment or interference, the possessor has the right to require compensations. The claim of a possessor for returning the original object shall perish, if the possessor fails to exercise it within one year as of the date of encroachment. Supplementary Rules Article 246 A local regulation may, before any law or administrative regulation prescribes the scope, organ and measures for uniform registration of realties, provide for related matters in accordance with the related provisions in the present Law. Article 247 The present Law shall enter into force as of October 1, 2007. |
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