Www Homeequitymortgagepayment Tag Affects Home Equity Mortgage Payment Measures for Chattel Mortgage Registration £¨2007£©¶¯²úµÖѺ°ì·¨

Measures for Chattel Mortgage Registration
 
Promulgation date: 10-17-2007 Department: State Administration for Industry and Commerce
Effective date: 10-17-2007 Subject: Civil Law,  Enterprises

Measures for Chattel Mortgage Registration
(Order No.30 of the State Administration for Industry and Commerce)

Article 1 For the purpose of financing and commodity circulation and guaranteeing the realization of creditor¡¯s rights, these Measures are formulated in accordance with the Real Right Law of the People¡¯s Republic of China and the Guarantee Law of the People¡¯s Republic of China.

Article 2 Where an enterprise, individual industrial and commercial household, or agricultural production operator mortgages its/his existing or future production facilities, raw materials, semi-finished products or products, it/he shall handle the mortgage registration formalities at the county-level industry and commerce administrative department (hereinafter referred to as the chattel mortgage registration authority) of the locality of the mortgagor. Without the registration, the right to mortgage shall not challenge any bone fide third party.

The chattel mortgage registration may be handled at the chattel mortgage registration authority by both parties to the mortgage or their agents.

Article 3 When handling the chattel mortgage registration, the following documents shall be submitted to the chattel mortgage registration authority:
1. the Chattel Mortgage Registration Certificate affixed with the signatures or seals of both parties to the mortgage contract; and
2. certificates on the subject qualification or natural person identity of both parties to the mortgage contract.

If any agent is authorized to handle the registration, the identity certificate of the agent and the power of attorney shall also be submitted.

Article 4 The Chattel Mortgage Registration Certificate shall bear the following contents:
1. name and domicile of the mortgagor and the mortgagee;
2. name of their agents;
3. category and amount of the secured creditor¡¯s right;
4. scope of guarantee;
5. time limit for the debtor to fulfill the obligation;
6. name, quantity, quality, status and location of the mortgaged property, as well as who has the ownership or the right to use it; and
7. signatures or seals of the mortgagor and the mortgagee.

Article 5 After receiving the application materials for chattel mortgage registration, the chattel mortgage registration authority shall affix the special seal for chattel mortgage registration on the Chattel Mortgage Registration Certificate on the spot and indicate the date when the seal is affixed.

Article 6 Where the chattel mortgage contract or the Chattel Mortgage Registration Certificate changes, both parties to the mortgage contract or their agents may handle the registration of change at the original chattel mortgage registration authority, and the following documents shall be submitted to the authority:
1. the original Chattel Mortgage Registration Certificate;
2. the Certificate on the Change of Chattel Mortgage Registration affixed with the signatures or seals of both parties to the mortgage contract; and
3. certificates on the subject qualification or natural person identity of both parties to the mortgage contract.

If any agent is authorized to handle the registration of change, the identity certificate of the agent and the power of attorney shall also be submitted.

Article 7 After accepting the application materials for changing the chattel mortgage registration, the chattel mortgage registration organ shall affix the special seal for chattel mortgage registration on the Certificate on the Change of Chattel Mortgage Registration on the spot and indicate the date when the special seal is affixed.

Article 8 If the principal creditor¡¯s right is eliminated, the security interest is realized or the creditor gives up the security interest, both parties to the mortgage contract or their agents may handle the deregistration formalities at the original chattel mortgage registration authority. When handling the deregistration formalities, the following documents shall be submitted:
1. the original Chattel Mortgage Registration Certificate;
2. the Certificate on the Change of Chattel Mortgage Registration;
3. the Chattel Mortgage Deregistration Certificate affixed with the signatures or seals of both parties to the mortgage contract; and
4. certificates on the subject qualification or natural person identity of both parties to the mortgage contract.

If any agent is authorized to handle the deregistration formalities, the identity certificate of the agent and the power of attorney shall also be submitted.

Article 9 After accepting the application materials for chattel mortgage deregistration, the chattel mortgage registration authority shall affix the special seal for chattel mortgage registration on the Chattel Mortgage Deregistration Certificate on the spot and indicate the date when the special seal is affixed.

Article 10 The chattel mortgage registration authority may set up a Chattel Mortgage Registration Book for the general public to consult according to the Chattel Mortgage Registration Certificates, the Certificates on the Change of Chattel Mortgage Registration and the Chattel Mortgage Deregistration Certificates which are affixed with the special seal for chattel mortgage registration.

The Chattel Mortgage Registration Certificate, the Certificate on the Change of Chattel Mortgage Registration and the Chattel Mortgage Deregistration Certificate shall, each, be in quadruplicate, two for both parties to the mortgage contract, the other two shall be kept by the chattel mortgage registration authority, which shall put one in the archives of chattel mortgage registration and one in the Chattel Mortgage Registration Book.

Article 11 Related entities and individuals may, upon the strength of the legal identity certificate, consult, extract or copy chattel mortgage registration documents at the chattel mortgage registration authorities.

Article 12 These Measures apply to counter guarantees and mortgages at maximum amount.

Article 13 The power to interpret these Measures shall remain with the State Administration for Industry and Commerce.

Article 14 These Measures shall come into force as of the date of promulgation.