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.
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