中华人民共和国担保法英译本(8)

Article 82
"Lien" as used in this Law means that the creditor² shall possess the debtor³'s movables according to the terms of the contract as provided by Article 84 of this Law. If the debtor defaults on his debt, the creditor shall be entitled to retain the property in accordance with the provisions of this Law and to the priority of having the debt paid with the money converted from the property or proceeds from sale or auction⁴ of the property.

Article 83
The scope of guaranty of lien covers the principal claim and the interest thereof, default fine, compensation for damage, cost of preservation⁵ of the retained property and expenses for enforcing the lien.

Article 84
In the event of any costs arising from a storage, transportation or processing contract, if the debtor defaults, the creditor shall have the right to retain the property. The provisions of the preceding paragraph shall be applicable to other contracts whereby the creditor has the right of retention⁶ as provided by law. The parties may specify⁷ in the contract the property that may not be retained.

Article 85
Where the retained property can be divided, the value of the part retained shall be equal to the sum of the debt.

Article 86
The lien holder⁸ shall have the obligation to maintain the retained property in good condition. The lien holder shall be civilly liable for loss or destruction of or damage to the retained property resulting from his negligence⁹.

Article 87
The creditor and the debtor shall stipulate¹⁰ in the contract that the debtor shall perform his obligation within not less than two months after the creditor takes possession of the debtor's property. If the creditor and the debtor fail to stipulate the same in the contract, the creditor shall, after taking possession of the debtor's property, fix a time limit of two months or more and notify the debtor to perform his obligation within such time limit . If the debtor defaults within the specified¹¹ time limit, the creditor may convert the retained property into money upon agreement with the debtor, or may auction or sell the retained property according to law. Where the money converted from the retained property or the proceeds from auction or sale exceed the debt secured, their balance shall be paid to the debtor; where the money or proceeds do not cover the entire secured debt; the difference shall be paid by the debtor.

Article 88
The right of retention shall lapse¹² due to the following reasons: (1) the creditor's right lapses¹³; or (2) the debtor gives other security which is accepted by the creditor.
Chapter 6 Deposit
Article 89
The parties may agree that one party shall pay a deposit to the other for the security of a debt. After the debtor performs his obligation, the deposit shall either be retained as partial payment or be returned. If the party paying the deposit defaults, he shall have no right to demand the return of the deposit; if the party accepting the deposit defaults, he shall return twice the amount of the deposit.

Article 90
The deposit shall be executed in written form. The parties shall specify the time limit for the delivery of the deposit in the deposit contract . The deposit contract shall become effective on the date of the actual delivery of the deposit.

Article 91
The amount of the deposit shall be stipulated¹⁴ by the parties, but it shall not exceed 20 percent of the amount of the principal contract.
Chapter 7 Supplementary¹⁵ Provisions
Article 92
The "immovables" as used in this Law means land, and houses, forest, tress and other things firmly fixed¹⁶ on the land. The "movables" as used in this Law means things other than the immovables.

Article 93
"Suretyship contract", "mortgage contract", "pledge contract" or "deposit contract" as used in this Law may be contract concluded separately in writing that includes the letters and telex¹⁷ in the nature of guaranty between the parties, or the guaranty clauses in the principal contract.

Article 94
Where the mortgaged property, the pledged property or the retained property is converted into money or sold, the price shall be fixed with reference to the market price.

Article 95
Where the Maritime¹⁸ Code and other laws have special provisions on guaranty, such provisions shall apply.

Article 96
This Law shall be implemented¹⁹ as of October 1, 1995.