中华人民共和国担保法（二）

　　Section 3 Effect of Mortgage

　　Article 46 Within the guaranteed scope of a mortgage shall be the master obligatory and its interest， contractual fine， damage compensation and expense of realization of mortgage. If there is an agreement otherwise in the mortgage contract， it shall be complied with.

　　Article 47 At the date of expiration of the debt performance period， if the debtor has not performed the debt so that the gage has been distrained by the people's court， from the date of distraining the mortgagee shall be entitled to collect the natural fruits separated from the gage and the legal fruits that the mortgagee may collect on the gage. If the mortgagee has not informed the fact of the distraining of the gage to the obligatory person who shall satisfy the claim out of proceeds for the legal fruits， the effect of mortgage shall not extend to the said fruits.

　　The fruits of the proceeding paragraph shall eliminate in advance the expense of collecting the fruits.

　　Article 48 If the mortgagor wants to mortgage a property that has been leased， he shall notify the lea see in writing， and the original lease contract continues to be effective.

　　Article 49 During the period of mortgage， if the mortgagor assigns the gage registered， he shall inform the mortgagee and also notify the assignee of the situation that the grant has been mortgaged； if the mortgagor does not inform the mortgagee or notify the assignee， the assigning behavior shall be invalid.

　　If the value amount of the gage assigned is obviously lower than its value， the mortgagee may demand the mortgagor to offer the equivalent guarantee； if the mortgagor does not offer， the gage shall not be assigned.

　　The value amount from assigning the gage by the mortgagor shall satisfy in advance the mortgagee for the claim out of the proceeds on the obligatory right guaranteed or be deposited to the third party he agreed with the mortgagee. The part exceeding the amount of the obligatory right， shall be owned by the mortgagor， while the short part shall be satisfied by the debtor.

　　Article 50 The mortgage right shall not be separated from the obligatory right so that it is assigned solely or as a guarantee of other obligatory rights.

　　Article 51 If the behavior of the mortgagor causes the value of the gage to decrease， the mortgagee shall be entitled to have right to demand the mortgagor to stop his behavior. When the value of the gage decreases， the mortgagee shall be entitled to have right to demand the mortgagor to restore the value of the gage， or offer a guarantee equivalent to the value decreased.

　　If the mortgagor has no fault for the decrease of the value of the gage the mortgagee shall demand the mortgagee to be offered only within the extent of compensation for the damage obtained by the mortgagor. The part of the gage of which the value does not decrease， shall still be the guarantee of the obligatory right.

　　Article 52 The mortgage shall exist simultaneously with the obligatory right it guarantees， where the obligatory right is extinct， the mortgage shall be extinct as well.

　　Section 4 Realization of Mortgage

　　Article 53 At the date of expiration of the debt performance period if the mortgagee has not been satisfied with the claim out of proceeds， he may make an agreement with the mortgagor to keep the said property to offset the gage or satisfies his claim out of proceeds from the auction， sale of the said gage； if failing to make an agreement， the mortgagor may file a case to the People's Court.

　　After the gage is set off， auctioned or sold， the part of the value amount exceeding the amount of the obligatory right shall be owned by the mortgagor， the short part shall be satisfied by the debtor.

　　Article 54 If there are two or more creditors who have a mortgage on the same property， the value amount obtained from the

auction， sale of the gage shall be satisfied pursuant to the following provisions：

　　1. where the mortgage contract is effective through registration， it shall be satisfied in the registration sequence of the gage； if equal in sequence， then it shall be satisfied according to the proportion of the obligatory right； or

　　2. where the mortgage contract is effective as the date of signing， and the said gage has been registered， it shall be satisfied according to the item 1 of this Article； if the gage has not registered， it shall be satisfied in the sequence of the effective date of the contracts， and if equal in sequence， it shall be satisfied according to the proportion of the obligatory right. The registered gage has priority to the unregistered gage.

　　Article 55 After the signing of the city real estates mortgage contract， the houses built lately upon the land shall not belong to the gage. When the said mortgaged real estates is needed to be auctioned， the lately built houses upon the land may be auctioned together with the gage， but as for the amount from the auction of the lately built houses， the mortgagee shall not be entitled to have priority in satisfying the claim out of proceeds.

　　Where the right to the use of land of the unreclaimed land contracted for management according to this Law is to be mortgaged， or the right to the use of the land within the extent occupied by the buildings of the township （town） or village enterprises such as a plant is to be mortgaged， after the realization of mortgage， the collective ownership and purpose of the land shall not be changed without the legal procedure is gone through.

　　Article 56 The value amount obtained from the auction of the right to the use of the stated-owned land appropriated， after paying the amount equivalent to the transfer fee of the right to the use of land which shall be paid， the mortgagee shall be entitled to have right in priority for the claim out of proceeds.

　　Article 57 The third party who offers guarantee of a mortgage on behalf of the debtor， after the realization of the mortgage by the mortgagee， shall be entitled to have right to claim repayment from the debtor.

　　Article 58 The mortgage right extinguishes with the extinction of the gage. The compensation for the extinction shall be as the mortgaged property.

　　Section 5 Mortgage of the Maximum Amount

　　Article 59 The mortgage of the maximum amount prescribed in this Law， means that the mortgagor and the mortgagee agree， within the extent of maximum amount of the obligatory right， to take the gage as the guarantee of the obligatory right occurred continuously during a certain period.

　　Article 60 A loan contract may be attached with a mortgage contract of maximum amount.

　　The contract signed by the creditor and debtor on a certain item commodity with which the trade occurs continuously during a certain period， may be attached with a mortgage contract of maximum amount.

　　Article 61 The obligatory right of the master contract with the mortgage of maximum amount shall not be assigned.

　　Article 62 The mortgage of maximum amount shall， besides that it is applied to the provisions of this section， be applied to other provisions of this Chapter.

　　Chapter IV Pledge

　　Section 1 Pledge of Movables

　　Article 63 The pledge of movables described in this Law， means that the debtor or the party delivers his movables to the creditor for possession， and takes the said movables as the guarantee of the obligatory right. When the debtor does not perform the debt， the creditor shall be entitled to have right to keep the said movables to offset or have priority insatisfying in the claim out of proceeds from the value amount of the auction or sale of the said movables.

　　The debtor or the third party prescribed in the proceeding paragraph shall be a pledgor， the creditor shall be a p

ledgee， the movables delivered shall be the pledgings.

　　Article 64 The pledgor and the pledgee shall enter into a pledge contract in writing.

　　A pledge contract shall be effective as the date of remitting the pledgings to the pledgee.

　　Article 65 A pledge contract shall contain the following contents：

　　1. the categories and amount of the master obligation right guaranteed；

　　2. the time period to perform the debt by the debtor；

　　3. the name， quantity， quality and situation of the pledgings；

　　4. the extent guaranteed by the pledge；

　　5. the time to deliver the pledgings； and

　　6. other items which the parties consider necessary to agree.

　　If a pledge contract has the contents incompletely prescribed in the proceeding paragraph， it may be supplemented.

　　Article 66 The pledgor and the pledgee shall not agree that， when the pledgee is not satisfied at date of expiration of the time limitation for the debt performance， the ownership of the pledgings is to be transferred to the pledgee.

　　Article 67 The guaranteed scope of a pledge shall conclude the master obligatory right and its interest， contractual fine， damage compensation， expense for keeping the pledgings and expense for realization of pledge. If there is an agreement otherwise in the pledge contract， it shall be complied with.

　　Article 68 The pledgee shall be entitled to have right to collect the fruits produced by the pledgings. If there is an agreement otherwise in the pledge contract， it shall be complied with.

　　The fruits of the proceeding paragraph shall eliminate in advance the expense of collecting the fruits.

　　Article 69 The pledgee shall bear the obligation to keep the pledgings properly. If he does n

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