Sub-mortgage Part 2
June 30, 2008 4:07 am More Information
Charge - This is when the immovable property of the debtor is used as security for the creditor. This differs from the mortgage because while the mortgage involves the transfer of interest in the property, the charge does not.
Lien – Pertains to the right of holding in the debtor’s goods until he takes care of his debt. This has two kinds: general and particular. In general lien, the debtor has the right to retain all the goods to the debtor. In particular lien, specific property is kept as security.
Hypothecation - This is the right to recover debt against security of specific goods. This is mortgage of movable property without transferring possession of the goods.