担保物权Security, guarantee, mortgage, lien and pledge的区别于定义 (2).doc

担保物权Security, guarantee, mortgage, lien and pledge2011-09-26 09:12:03在牵涉security interests时，这是一些十分相似且容易混淆的词汇Security 是一个overarching的概念，包含了mortgage,pledge,lien,charge等形式。其本质在于：债权人通过建立与担保物的某种联系（包括占有、所有等）要求债务人对其履行债务或执行义务. It is also a risk management devise for protecting an investment, or ensuring payment for a service or performance of an obligation. 与债务（debt）不同，担保是一种对财产的权利：secuirty creates a right over property; debts create a contracctual obligation to repay.Guarantee 的核心在与indemnitty（赔偿：its a collateral contract entered by the guarantor to answer for the debtors debt or defult or non-performance）。由guarantee引起的法律权利和义务是一种次级责任和义务, 其产生的前提是借贷双方的primary agreement has come to an end。 与secuirty中grantor和debtor往往是同一个人不同，guarantee一定存在第三方，因为guarantee之所以产生是因为creditor对debtor的不信任(have no absolute faith)。Mortgage被广泛理解为按揭，但其本身不仅限于抵押real property，也可以是personal property。 Mortgage 不依赖对物的占有(non-possessory rights)，区别于其他概念的地方在于该种抵押effected by means of conveyance of the property, 即所有权(title)的变更：由承押人mortgagor予mortgage产生时转移至受押人mortgagee，再由mortgagee予mortgagor履行完所有义务后交回。Charge和mortgage一样，产生不依赖对物的占有的权利(non-possessory rights)，与mortgage不同之处在于charge不涉及产权的转移（passing of title）,受押记人chargee有权在押记人chargor 不履行义务时占用受压财产(bestow proprietary to approriate an asset or class of assets).Lien 留置，是根据协定(created by contract)或由法律在必要情况下产生的(implied by law, eg, vendors equitable lien)对于货物的担保物权。区别于mortgage和charge, 该权利依赖于对物的占有(retain possession of encumbered property);区别于pledge, 这种占有无法转化为销售权（right of sale）。Pledge or “pawn” 质押, 以寄托的方式实现担保(to take security through use of a bailment); pledge 和lien一样依赖对物的占有，区别是在质押人plegor不履行义务时，pledge不旦允许占有质押物，通常也允许销售质押物。Hypothecation is the practice where (usually through a letter of hypothecation) a borrower pledges collateral to secure a debt or a borrower, as a condition precedent to a loan, or has a third party (usually an affiliate) pledge collateral for the borrower.a.) Hypothecation is a mode of security in which bank extends the assistance to the company against the security of movable property.Neither the property nor the possession of the goods hypothecated is transferred to the bank. If the company fails to repay the amount of assistance, in such case the bank has the right to sell the goods hypothecated to realize the outstanding amount of assistance granted by it to the company. A consumer entering into a mortgage agreement is an example of Hypothecation.b.) Pledge is a mode of security in which bank extends the assistance to the company against the security of movable property. But the possession of the goods is with the bank and the goods pledged are in the custody of the bank. Thus, it becomes the duty of the bank to take care of the goods in the custody. In case the company is unable to repay the amount of assistance, the bank has the right to sell the goods pledged to realize the outstanding amount.c.) Lien is a mode of security in which the bank retains the goods belonging to the company until the debt due to the bank is paid. Lien is of two types: Particular Lien and General Lien. Normally, Bank enjoys general Lien.d.) Mortgage is a mode of security in which the legal interest in a specific immovable property is transferred as security for the payment of debt. The party who transfers the interest is called mortgager and party in whose favour the interest is so transferred is called mortgagee. The borrower possesses the property while the bank gets full legal title, subject to borrowers right, to repay to debt.其他的quasi-secuirty interests instruments还包括Negative pledge 不抵押保证 (承诺 not to give further secuirty)Subordination agreements 从属协议 (比如subordinated creditor 同意在principal creditor之后拿钱，但利息更高)Set-off rights 抵消权 （顾名思义，比如债务人欠债权人100万，但债权人在上一单供货时50万的）Retention of title