擔(dān)保物權(quán)Security, guarantee, mortgage, lien and pledge的區(qū)別于定義 (2).doc

擔(dān)保物權(quán)Security, guarantee, mortgage, lien and pledge2011-09-26 09:12:03在牽涉security interests時(shí)，這是一些十分相似且容易混淆的詞匯Security 是一個(gè)overarching的概念，包含了mortgage,pledge,lien,charge等形式。其本質(zhì)在于：債權(quán)人通過(guò)建立與擔(dān)保物的某種聯(lián)系（包括占有、所有等）要求債務(wù)人對(duì)其履行債務(wù)或執(zhí)行義務(wù). It is also a risk management devise for protecting an investment, or ensuring payment for a service or performance of an obligation. 與債務(wù)（debt）不同，擔(dān)保是一種對(duì)財(cái)產(chǎn)的權(quán)利：secuirty creates a right over property; debts create a contracctual obligation to repay.Guarantee 的核心在與indemnitty（賠償：its a collateral contract entered by the guarantor to answer for the debtors debt or defult or non-performance）。由guarantee引起的法律權(quán)利和義務(wù)是一種次級(jí)責(zé)任和義務(wù), 其產(chǎn)生的前提是借貸雙方的primary agreement has come to an end。 與secuirty中g(shù)rantor和debtor往往是同一個(gè)人不同，guarantee一定存在第三方，因?yàn)間uarantee之所以產(chǎn)生是因?yàn)閏reditor對(duì)debtor的不信任(have no absolute faith)。Mortgage被廣泛理解為按揭，但其本身不僅限于抵押real property，也可以是personal property。 Mortgage 不依賴(lài)對(duì)物的占有(non-possessory rights)，區(qū)別于其他概念的地方在于該種抵押effected by means of conveyance of the property, 即所有權(quán)(title)的變更：由承押人mortgagor予mortgage產(chǎn)生時(shí)轉(zhuǎn)移至受押人mortgagee，再由mortgagee予mortgagor履行完所有義務(wù)后交回。Charge和mortgage一樣，產(chǎn)生不依賴(lài)對(duì)物的占有的權(quán)利(non-possessory rights)，與mortgage不同之處在于charge不涉及產(chǎn)權(quán)的轉(zhuǎn)移（passing of title）,受押記人chargee有權(quán)在押記人chargor 不履行義務(wù)時(shí)占用受壓財(cái)產(chǎn)(bestow proprietary to approriate an asset or class of assets).Lien 留置，是根據(jù)協(xié)定(created by contract)或由法律在必要情況下產(chǎn)生的(implied by law, eg, vendors equitable lien)對(duì)于貨物的擔(dān)保物權(quán)。區(qū)別于mortgage和charge, 該權(quán)利依賴(lài)于對(duì)物的占有(retain possession of encumbered property);區(qū)別于pledge, 這種占有無(wú)法轉(zhuǎn)化為銷(xiāo)售權(quán)（right of sale）。Pledge or “pawn” 質(zhì)押, 以寄托的方式實(shí)現(xiàn)擔(dān)保(to take security through use of a bailment); pledge 和lien一樣依賴(lài)對(duì)物的占有，區(qū)別是在質(zhì)押人plegor不履行義務(wù)時(shí)，pledge不旦允許占有質(zhì)押物，通常也允許銷(xiāo)售質(zhì)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還包括Negative pledge 不抵押保證 (承諾 not to give further secuirty)Subordination agreements 從屬協(xié)議 (比如subordinated creditor 同意在principal creditor之后拿錢(qián)，但利息更高)Set-off rights 抵消權(quán) （顧名思義，比如債務(wù)人欠債權(quán)人100萬(wàn)，但債權(quán)人在上一單供貨時(shí)50萬(wàn)的）Retention of title