Of course there are some types of security - registration requirements. What are the name of the categories? Is there also an adjective law?
The four principal categories of security are
- Liens
- Pledges
- Mortgages
- Guarantees
Agreements creating security interest have to be written. Where security is given to a party securing foreign currency liabilities, the general rule is that the security must be both approved and then registered with SAFE.
In order to achieve more efficiency the agreements have to registered with local authorities:
- Mortgages on land should be registered at the relevant local land bureau
- Mortgages over assets have to be registered at the local administration for industry and commerce
- Pledges over patent should be registered with the Patent Office
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