Reporting / 08.07.2020

Types of collateral. General characteristics. Pledge. Types of collateral and their characteristics Collateral its types general characteristics

Pledge- this is a way to ensure the fulfillment of obligations in the form of property and other objects of civil rights (except for monetary funds) owned by the pledger and guaranteeing the repayment of a loan or other civil obligations.

The following terms are associated with the definition of "pledge":

The pledger is a person who transfers his property as security for the undertaken obligations. In other words, the debtor. Moreover, the debtor himself or another person who allows the use of his property in order to use someone else's obligation can be the pledger;

Pledgee - a creditor to whom the property is transferred under a pledge agreement as a guarantee;

The subject of the pledge is directly the property itself, which is transferred in fulfillment of obligations.

Pledge agreement and essential conditions

The basis for the transfer of property as a pledge arises only upon the conclusion of an appropriate agreement between the parties in writing.

Among mandatory conditions pledge agreements include:

type of collateral;

assessed value subject of pledge;

the size and terms of performance of obligations.

In the absence of essential conditions, the contract is invalidated.

Pledge subject

Any property of the debtor can act as a subject of pledge. This can be real estate, transport, precious metal products, securities, as well as property rights.

It is forbidden to use:

real estate, things and securities withdrawn from circulation by the state;

land that are state or municipal property;

agricultural land belonging to farm or agricultural organizations;

cultural values that are the property of the state.

The main types of collateral

What type of collateral is provided for in the agreement affects the distribution of rights and obligations between the lender and the borrower.

In total, there are two main types in Russia:

A pledge providing for the transfer of property to the pledgee (mortgage). In the case of a mortgage, the mortgagor, the person who provided the property, has the right to own this property, and in some cases, the right to use it. The mortgagor can exercise control over the condition and procedure for the use of the mortgaged property;

A pledge according to which the property remains with the person who provided it. For example, a pledge of goods in circulation.

On the initiative of the pledgee, the rights of third parties and the borrower's own rights to this property may be limited.

Consider these two types of collateral.

Pledge of goods in circulation

With this type of pledge, as goods in circulation, the subject of pledge is not transferred to the disposal of the person acting as a creditor, but remains with the pledger.

In this case, the pledger controls the goods in circulation, being at the same time a representative of the other side of the pledge relationship.

That is, the pledgor disposes of the goods at his own discretion, namely, the pledger has the right to change the composition of the pledge, making appropriate adjustments to commodity, raw materials, finished products and other property.

At the same time, it is important that the cost does not decrease in comparison with that specified in the contract. When the goods are sold (that is, passed into the possession and use of the purchaser), they are no longer the subject of pledge. And vice versa. When the borrower purchases the goods, they are treated as collateral.

When pledging goods in circulation, the borrower is obliged to monitor and comply with the terms of the contract, keeping records of all transactions that may entail a change in the composition or in-kind form of the pledge. To do this, he needs to mandatory enter the necessary information into the Pledge Record Book.

Rights and obligations of the parties to the mortgage

In case of a mortgage, the main obligations of the lender are:

Insurance of the pledged item in the amount of its full value at the expense of and in the interests of the borrower;

Keeping property intact and safe;

Providing information to the mortgagor about the possible threat of loss or damage to the mortgaged property;

Drawing up on an ongoing basis reports on the use of the pledged item and sending these reports to the borrower (if such a condition is spelled out in the pledge agreement);

Return of the subject of the mortgage when the obligation is fulfilled.

The mortgagee with the mortgage has the right to:

Use of the subject of pledge in cases where the contract provides for it. In this case, the income received covers the costs of maintaining the pledged item, and is used to pay off interest and (or) the amount of the principal debt.

Early fulfillment of the obligation.

Procedure in case of non-fulfillment of obligations under the pledge agreement

So, according to the pledge agreement, the pledgor transfers the property to the pledgee, which serves as a guarantee of the fulfillment of the obligations assumed.

If these obligations are not fulfilled, then the creditor in this case has the right to satisfy the claims at the expense of the pledged item. That is, the debtor's property will be sold.

From this amount, the creditor takes the amount of the debt with interest accrued for the period of the contract and all kinds of costs. The difference, if any, is transferred to the mortgagor. In return, the debtor gets complete freedom from debt obligations.

Pledge recording book

The legislation imposes on the pledgers (legal entities and individual entrepreneurs) the obligation to maintain a book of records of pledges, reflecting the essential conditions of such transactions in the form of a register.

Pledgers must present this register for review at the request of interested parties.

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Introduction

1. The concept of pledge

1 General concept collateral

2 Grounds for the occurrence of a pledge

3 Types of collateral and scope of its application

General characteristics of the collateral

1 Pledge subject

2 Terms of the pledge agreement

3 Rights and obligations of the parties under the pledge agreement

4 Foreclosure on mortgaged property

5 Sale of mortgaged property

Conclusion

Bibliography

Introduction

Entering into a particular legal relationship, the subject must be sure that the other party will perform its duties in the proper manner. Therefore, there must be measures according to which each of the parties would fulfill their obligations in an appropriate manner.

Now, in the conditions of low contractual discipline, unreliability and simply bad faith of counterparties, more and more development should be received different ways ensuring the fulfillment of obligations.

In accordance with paragraph 1 of Art. 329 of the Civil Code Russian Federation fulfillment of obligations may be secured by a forfeit, pledge, retention of the debtor's property, surety, bank guarantee, a deposit and in other ways provided by law or contract.

Methods for ensuring the fulfillment of obligations have property character and are established in the interests of the creditor. One of these means is a pledge, which compels the debtor to fulfill the obligation, and if it is not fulfilled, it protects the interests of the creditor by allowing satisfaction at the expense of the property owned by the debtor.

The pledge has been known since the time of Roman law, in which the interests of the creditor were considered priority. Roman law provided for three main types of collateral: fiduciary transactions, manual mortgages, and mortgages. In more detail: Roman private law / Ed. I. Novitsky and I. Peretersky. Among the Russian civil scientists of the pre-revolutionary period, there was no unified view of the nature of the pledge, which was largely due to the imperfection of the legislation on pledge that was in force at that time. At that time, there was not only a single point of view on the legal nature of the pledge, but it seemed rather difficult to establish the very definition of the pledge.

The mortgage of the pre-revolutionary period was differentiated into a pledge of movable and real estate... Its forms largely depended on the object (real estate - a mortgage fortress; movable - an act on the transfer of movable property) and on who acted as the subject of the pledge (church, treasury, etc.). In addition, property re-mortgage was allowed.

With the abolition of the NEP by the Soviet regime, including private capital, in the late 1920s and early 1930s, pledge relations lost their significance. Suffice it to say that pledge legal norms were represented by only 11 articles of the Civil Code of the RSFSR of 1964, provisions that were traditionally contained in the Instruction State bank USSR, regulating the procedure for lending to enterprises and business organizations, as well as the provisions of the Model Charter of a pawnshop approved by the Resolution of the Council of Ministers of the RSFSR dated June 7, 1968. It should be noted that these acts had many gaps and contained rather outdated norms. Zavidov B.D. Analysis of the pledge in the civil law of Russia.

The very life in Russia with its spontaneous market laws forced the legislator to publish a whole package legal documents regulating the pledge. At the beginning of 1992, the Law "On Pledge" was adopted Vedomosti of the Congress of People's Deputies of the RSFSR and the Supreme Soviet of the RSFSR, 1992. No. 23. p. 1239, then in Chapter 23 of the first part of the Civil Code of the Russian Federation, paragraph 3 appeared under the title "Pledge", and, finally entered into force on 22 July 1998 the federal law"On Mortgage (Pledge of Real Estate)" dated July 16, 1998 No. 102-FZ. Russian newspaper dated July 22, 1998.

Collateral is one of the most important tools in legal regulation market relations. It is also important because otherwise it is closely related to the issues of ownership, the means of possible, and perhaps the initial, protection of the entrepreneur from an unscrupulous counterparty. In mortgage relations, the creditor acts on the principle “I believe not a person, but things”.

The object of research is the concept of pledge, in turn, the subject general characteristics collateral.

The purpose of this work is to study the pledge as an institution of civil law.

.Describe the main features of a pledge;

.Expand the concept and grounds for the occurrence of a pledge;

.Determine the types of collateral and the scope of its application;

.Consider the rights and obligations of the parties under the pledge agreement.

Work structure. The work consists of an introduction, two chapters, a conclusion, a list of references.

1.Collateral concept

1General concept of collateral

A pledge is a legal relationship by virtue of which the creditor under the obligation secured by the pledge (the pledgee) has the right, in the event of the debtor's failure to fulfill this obligation, to receive satisfaction from the value of the pledged property, mainly to other creditors of the person who owns this property (the pledger), with the exceptions established by law. Gros L. Pledge: issues of civil law and civil process // Economy and law. - 2008. - No. 2. - with. 69

The establishment of a special right to the property of the pledger, combined with the right to the right to foreclose on the subject of the pledge over other creditors of the pledger, make the pledge one of the most reliable ways of securing the fulfillment of obligations. It should also be borne in mind that privatized housing in market conditions is often the only sufficiently valuable property that a citizen can mortgage by pledging. initial capital for business activities. In addition, obtaining a loan for the purchase of housing with the subsequent pledge of this housing is one of the real ways to solve the housing problem.

According to clause 1 of article 334 of the Civil Code, the pledgee has the right to receive satisfaction on the same basis from insurance compensation for the loss or damage of the pledged property, regardless of in whose favor it is insured, unless the loss or damage has occurred for reasons for which the pledgee is responsible.

It can be said that a pledge secures the fulfillment of obligations through two functions:

The pledge encourages the debtor to perform his duties, since undesirable consequences may occur for him: the collection will be levied on the subject of the pledge (stimulating function).

If the debtor fails to fulfill his obligations, the possibility of foreclosure on the pledged property is realized in order to compensate for all the creditor's losses (compensation function).

The pledgee gets satisfaction from the pledged property mainly to other creditors. This means if the pledger is a debtor on two or more obligations and has not fulfilled them, then the interests of the pledged creditor are satisfied at the expense of the pledged property.

2Grounds for the occurrence of a pledge

The legal basis for a pledge relationship can be a contract and a law. Most often, the collateral arises by virtue of the contract. According to paragraph 1 of Art. 339 of the Civil Code for the recognition of such an agreement as concluded, it must contain all the essential conditions: the subject of the pledge; its cost; the nature, size and term of performance of the main obligation secured by the pledge; as well as an indication of which of the parties to the contract will have the pledged property. In the absence of any of these conditions in the agreement, or if there is insufficient clarity of their definition, the pledge agreement is considered not concluded.

The pledge may also arise on the basis of the law upon the occurrence of the circumstances specified in it.

3Types of collateral and scope of its application

The collateral can be divided into separate types based on various criteria.

Article 338 of the Civil Code distinguishes two main types of collateral: with the abandonment of the mortgaged property with the mortgagor and with its transfer to the mortgagee (mortgage). As a general rule, the pledged property remains with the mortgagor, in connection with which he retains the rights to own and use it. However, in accordance with the terms of the agreement, the pledged item can be transferred to the pledgee or to a third party; left with the pledger under lock and key and the pledgee's seal, with the imposition of signs indicating the pledge (firm pledge), which makes it impossible to use the pledged property.

The scope of the pledge is directly indicated in Art. 4 of the Law "On Pledge" Law of the Russian Federation of May 29, 1992 No. 2872-1 "On Pledge" .. This article lists four points or types of areas of application of the pledge:

A pledge may secure a valid claim, in particular, arising from a loan agreement, including a bank loan, sales and purchase agreements, property lease, carriage of goods and other agreements.

Things, securities, other property and property rights can be the subject of a pledge. The subject of a pledge cannot be claims of a personal nature, as well as other claims, the pledge of which is prohibited.

A pledge may be established in relation to claims that arise in the future, provided that the parties have agreed on the amount of security for such claims.

The pledge is derived from the obligation secured by it; the existence of the rights of the pledgee depends on the fate of the obligation secured by the pledge.

Depending on the subject, the pledge is divided into special types having peculiarities in legal regulation. These include real estate pledge (mortgage), pledge of goods in circulation, pledge of things in a pawnshop, pledge of rights.

2. General characteristics of the pledge

1 Pledge subject

Any property, including things and property rights (claims) in accordance with clause 1 of article 336 of the Civil Code, can be the subject of a pledge. Exceptions are: property withdrawn from circulation according to the law; claims inextricably linked with the personality of the creditor, in particular for alimony, for compensation for harm caused to life or health; other rights, the assignment of which to another person is prohibited by law. First of all, these are the rights to intangible benefits (life, health, dignity, name, etc.), the non-transferability of which is directly provided for by Art. 150 GK. They are not allowed to be pledged. According to clause 2 of article 336 of the Civil Code, the law may also prohibit or limit the pledge of certain types of property, in particular the property of citizens, on which foreclosure is not allowed.

As you know, according to Art. 13 of the Civil Code, belonging follows the fate of the main thing, unless otherwise provided by the contract. Therefore, when pledging the main thing, it is considered as being pledged and its belonging. So, the pledge agreement (clause 1 of article 340 of the Civil Code) can establish the limits of the spread of the right of pledge to fruits, products, income, by establishing cost restrictions, indicating the types of fruits, products, incomes that will be included in the pledged item, as well as those of them, to which the right of pledge will not apply, etc.

The subject of a pledge can be both property owned by the pledger and that which he will acquire in the future (clause 6 of article 340 of the Civil Code). So, when obtaining a loan, an agreement can be concluded on the pledge of a residential building that will be built by the mortgagor, an apartment that will be acquired by him under a sale and purchase agreement.

According to clause 1 of article 354 of the Civil Code, the replacement of the subject of pledge is allowed with the consent of the pledgee, unless otherwise provided by law or agreement.

One and the same property (thing, right) can be the subject of a pledge of a number of successively concluded agreements, if the subsequent pledge is not prohibited by previous pledge agreements (clause 2 of article 342 of the Civil Code).

The Civil Code provides for the pledge of securities.

The pledge of order bills is carried out by making a transfer inscription - an endorsement. The endorsed security is handed over to the mortgagee. A pledge of a security that is not transferred by means of an endorsement is made, unless otherwise provided by a law or an agreement, by delivering the paper to the pledgee. In this case, a pledge certificate is issued to the pledger.

By agreement of the parties, the pledged securities can be transferred for storage in the deposit of a notary office (clause 4 of article 338 of the Civil Code). Income from securities that are the subject of pledge belong to the pledger, unless otherwise provided by law or by agreement of the parties.

In cases where the pledge is money held in the bank, and not directly with the pledger, the right of claim becomes the subject of pledge. The Russian Civil Code allows bail property rights... The pledge of rights is a new element in comparison with the Civil Code of 1964, which established that only things can be the subject of pledge.

In an agreement on the pledge of rights that do not have a monetary value, the value of the pledged item is determined by agreement of the parties. However, it does not follow from this that non-property rights can be pledged. Cannot be a subject of pledge, for example, the author's right to a name. The subject of a pledge cannot be a claim of a personal nature, as well as other claims, the pledge of which is prohibited (clause 1 of article 336).

When it comes to the pledge of rights, we mean the pledge of only property rights. It is legally impossible to pledge a non-property right, since it is not at all an object of circulation.

Any transactions for the disposal of non-property rights are null and void. Bogatyrev F. Problems of pledge of rights // Economy and law. - 2007. - No. 7. - p.87

During the period of validity of the pledge agreement, the right of ownership of the pledged property or the right of economic management by it may pass from the pledger to another person as a result of the repayable or gratuitous alienation of this property, or in the order of universal legal succession (in case of inheritance of property, reorganization legal entity). Such a transition does not entail the termination of the pledge agreement, the corresponding property remains the subject of pledge (clause 1 of article 353 of the Civil Code).

If the property of the pledger, which is the subject of the pledge, was transferred by succession to several persons, each of the legal successors shall bear the consequences arising from the pledge of failure to fulfill the obligation secured by the pledge in proportion to the part of the specified property transferred to him. However, if the subject of pledge is indivisible or for other reasons remains in common property legal successors, they become joint pledgers (clause 2 of article 353 of the Civil Code).

In accordance with general rule, established by paragraph 1 of Art. 338 Civil Code, the mortgaged property remains with the mortgagor. The contract may specify otherwise.

If the pledged item is transferred by the pledger for temporary possession or use to a third party (for rent, free use, etc.), then it is considered that it was left with the pledger (clause 3 of article 338 of the Civil Code).

According to paragraph 2 of Art. 341 of the Civil Code, the legal meaning of a pledge with the transfer of property to the pledgee and a pledge with the property left with the pledger consists, in particular, in the fact that, in the absence of another agreement, the right of pledge to the property that must be transferred to the pledgee arises from the moment of such transfer. The party that owns the subject of pledge is liable for the maintenance and safety of the relevant property, unless otherwise provided by law or contract (Article 343 of the Civil Code).

When establishing the rules on pledge, one cannot ignore the specifics of the subject of pledge. Therefore, there is reason to single out such types of collateral as real estate (mortgage), pledge of goods in circulation, pledge of rights, etc.

In order for the contract to be considered concluded, an agreement is required on all the essential terms of the contract (Article 432 of the Civil Code).

2 Terms of the pledge agreement

Relations arising from a pledge arise from a law or an agreement under which the debtor pledges the agreed property, guaranteeing the satisfaction of the creditor's claims in case of default on the obligation secured by the pledge. The terms of the pledge can be included in the contract under which the obligation secured by the pledge arises.

A pledge agreement can be independent, that is, separate from the agreement under which the obligation secured by the pledge arises. Such an agreement should indicate the main obligation, its size, terms of fulfillment of the conditions providing for the type of pledge (pledge of goods in circulation, pledge, pledge, etc.)

Only a valid claim can be secured by a pledge. If there is no obligation secured by the pledge, there are no grounds for recognizing the pledge as valid.

The collateral must secure a specific obligation that arises from the loan agreement, including bank loans, sale and purchase, property lease and other agreements. In the event that there is no obligation secured by the pledge, the creditor does not have the right to satisfy his claims at the expense of the pledged property. The pledge agreement remains in force if the right of ownership or economic control to the pledged thing is transferred to a third party, and

also when the pledgee legally assigns a claim secured by the pledge to a third party, or when the pledgor transfers the debt arising from the obligation secured by the pledge to another person.

It is allowed to conclude an agreement on the subsequent pledge of already pledged property, unless otherwise provided by previous pledge agreements. This provision is explained by the fact that the value of the pledged property can significantly exceed the amount of debt under the obligation secured by the pledge, and the claims of the subsequent pledgee are satisfied from the value of the pledged property only after the claims of the previous pledgee have been satisfied.

The Civil Code of the Russian Federation imposes on the pledger the obligation to inform each subsequent pledgee of all existing pledge agreements for this property, as well as the nature and amount of the obligations secured by this pledge. If the pledgor did not inform the pledgee of the previous pledges, he is obliged to compensate the losses incurred by the subsequent pledgee due to the fact that he did not know about the previous pledge agreements.

Essential terms of the pledge agreement:

The subject of the pledge (property pledged). If a thing is pledged, the contract defines its name, quantitative and qualitative features that make it possible to individualize this thing, to single out such things from its mass.

If property rights are the subject of pledge, then it is determined which rights are pledged, from which obligations they arise, what is their content, etc .;

Assessment of the subject of pledge; the assessment is made by agreement of the parties;

Determination of which of the parties to the pledge agreement will have the pledged property;

The essence of the obligation secured by the pledge. If, for example, an obligation arising from a sale and purchase agreement is secured by a pledge, then the pledge agreement specifies who is the seller, the buyer, and what is the subject of the sale (which thing is being sold);

The amount of the claim secured by the pledge (in the given example, the price of the subject of the purchase and sale agreement). If, for example, a pledge secures an obligation from loan agreement, then the contract specifies the amount of the loan and the interest that must be paid for using the loan;

The term for the fulfillment of the obligation secured by the pledge.

In addition to the above, the essential conditions of the pledge agreement are all those conditions regarding which, at the request of one of the parties, an agreement must be reached. A pledge agreement in all cases must be concluded in writing (clause 2 of article 339 of the Civil Code). Usually, a pledge agreement is concluded by drawing up one document signed by the parties. As a general rule, pledge agreements should be concluded in simple written form.

Sometimes it is required to notarize the pledge agreement (notarial form). Firstly, a real estate pledge agreement (mortgage) is subject to notarization. Secondly, an agreement on the pledge of movable property or rights to property as security for obligations under the agreement, which must be notarized, is also subject to notarization.

So, if the parties by their agreement have determined that a particular agreement must be executed in a notarial form, then the pledge agreement, which secures the corresponding obligation, must also be notarized. In addition to notarization, in accordance with paragraph 3 of Art. 339 of the Civil Code, a mortgage agreement must be registered in the manner prescribed for the registration of transactions with the relevant property. Failure to comply with the requirements of the law on the form of the pledge agreement (simple written or, in appropriate cases, notarized), as well as on the registration of the pledge entails invalidity of this agreement... Meanwhile, if the pledger is the debtor himself under the main obligation and there is a reference to this obligation in the pledge agreement, then even if there is no information in the pledge agreement about the essence, amount and time of performance of the obligation secured by the pledge, the agreement is recognized as concluded.

3 Rights and obligations of the parties under the pledge agreement

The pledge agreement gives rise to a complex of rights and obligations of the pledger and the pledgee. The pledgor or the pledgee (depending on which of them has the pledged property) is obliged, unless otherwise provided by law or contract:

To insure the pledged property in its full value against the risks of loss and damage, and if full cost property exceeds the amount of the claim secured by the pledge - by the amount of the claim.

Take measures necessary to ensure the safety of the pledged property, including to protect it from encroachments and claims from third parties (by law or by agreement, the corresponding obligations may be distributed between the pledger and the pledgee, assigned to one of the parties.

Despite the fact that the subject of pledge is with the other party, a list of measures taken in this or that case, etc.) can be determined;

Immediately notify the other party of the threat of loss or damage to the pledged property (clause 1 of article 343 of the Civil Code).

Each of the parties to the pledge agreement has the right to check, according to the documents, the presence, quantity, condition and storage conditions of the pledged property held by the other party (clause 2 of article 343 of the Civil Code).

Pledger rights:

Transfer the pledged property again as a pledge to secure other claims (subsequent pledge), if this is not prohibited by previous pledge agreements (clause 2 of article 342 of the Civil Code);

Demand early termination a pledge in the event that the pledged property is transferred to the pledgee, and he grossly violates his obligations to maintain and ensure the safety of the pledged item (clause 3 of article 343 of the Civil Code);

Demand compensation for losses caused by full or partial loss or damage to the pledged item transferred to the pledgee. The pledgee is liable for the loss of the pledged property in the amount of its actual value, and for its damage - in the amount by which this value has decreased, regardless of the amount at which the pledged item was estimated when it was transferred to the pledgee.

The agreement may provide for the right of the pledger to recover from the pledgee other losses caused by the loss or damage of the pledged item. The pledgee is liable for the loss or damage to the subject of pledge if he proves that he can be exempted from liability in accordance with Art. 401 of the Civil Code and clause 2 of Article 344 of the Civil Code.

.refuse the subject of pledge and demand compensation for its loss, and in the cases provided for by the contract - and recovery of other losses.

And if the pledged property is transferred to the pledgee and as a result of damage for which the pledgee is responsible, it has changed so much that it cannot be used for its intended purpose (clause 2 of article 344 of the Civil Code);

Set off the claim against the pledgee for compensation for losses caused by the loss or damage of the pledged item transferred to the pledgee in repayment of the obligation secured by the pledge (clause 2 of article 344 of the Civil Code);

Replace the subject of pledge with the consent of the pledgee, unless otherwise provided by law or agreement (the pledger may be deprived of the right to replace the subject of pledge by law or agreement, or this right may be limited by specifying the property that can replace the subject of pledge, or may be stipulated additional conditions realization of this right);

Within a reasonable time, restore the pledged item or replace it with another equivalent property, if: a) the pledged item is lost or damaged, or the right of ownership to it or the right of economic management has been terminated on the grounds established by law; b) otherwise is not provided for by the contract (clause 2 of article 345 of the Civil Code). By agreement (but not by law), the pledger may be deprived of the right to replace or restore the pledged item;

To use the subject of the pledge in accordance with its purpose, including to extract fruits and income from it, unless otherwise provided by the contract and does not follow from the essence of the pledge (Clause 1 of Article 346 of the Civil Code);

With the consent of the pledgee, dispose of the pledged item by alienating it, leasing it or using it for free to another person, or otherwise, unless otherwise provided by law or contract and does not follow from the essence of the pledge (Clause 2 of Article 346 of the Civil Code);

To dispose of the pledged property in case of death (to bequeath it).

This right belongs only to the citizen pledger, but not to a legal entity. An agreement limiting the pledger's right to bequeath the pledged property is void (clause 2 of article 346 of the Civil Code);

At any time before the sale of the subject of pledge, stop levying execution on it and its sale, having fulfilled the obligation secured by the pledge or that part of it, the performance of which is overdue. The same right belongs to the debtor under the main obligation if it is secured by a pledge of property belonging to a third party. An agreement limiting this right is void (clause 7 of article 350 of the Civil Code). The pledgor bears the risk of accidental loss or accidental damage to the pledged property, unless otherwise provided by the contract (clause 1 of article 344 of the Civil Code of the Russian Federation).

The rights of the pledgee.

The pledgee has the right to use the subject of pledge transferred to him, but only if it is provided for by the contract. If the agreement allows the pledgee to use the subject of pledge, he is obliged to regularly submit to the pledger a report on the use. Under the agreement, the pledgee may be obliged to extract fruits and income from the pledged object in order to pay off the main obligation or in the interests of the pledger (clause 3 of article 346 of the Civil Code).

When the pledgee is granted the right to use the subject of pledge transferred to him, he can demand from other persons, including from the pledger, the elimination of any violations of his rights, even if these violations were not connected with the deprivation of possession (bring a negative claim - Art. 304, 305 of the Civil Code and clause 2 of Article 347 of the Civil Code).

The pledger, who had or should have had the pledged property, has the right to demand it from someone else's illegal possession, including from the possession of the pledger according to the rules established by Art. 301, 302, 305 of the Civil Code (to file a vindication claim, in accordance with clause 1 of Article 347 of the Civil Code).

The pledgee has the right to transfer his rights under the pledge agreement to another person. The improper performance by the pledgor of his obligations in the cases provided for by law gives the pledgee the right to demand early performance of the obligation secured by the pledge. Such a right arises for the pledgee if:

the subject of pledge left the possession of the pledger, with whom it was left, not in accordance with the terms of the pledge agreement;

the pledger violated the rules on the replacement of the subject of pledge, established by Art. 345 of the Civil Code and in accordance with clause 2 of Art. 345 of the Civil Code is made by the unilateral expression of the will of the pledger;

the pledged item was lost due to circumstances for which the pledgee is not responsible, and the pledger did not exercise the right to restore the pledged item or replace it with other equivalent property (clause 1 of article 351 of the Civil Code);

the pledger's ownership right to the pledged property is terminated on the grounds and in the manner prescribed by law, as a result of seizure (redemption) for state or municipal needs, requisition or nationalization (clause 1 of article 354 of the Civil Code);

the pledged property is seized from the pledgor in the manner prescribed by law on the grounds that in reality the owner of this property is another person (Article 301 of the Civil Code), or in the form of a sanction for committing a crime or other offense (Clause 2, Article 354 of the Civil Code).

4 Foreclosure on mortgaged property

The order of foreclosure on pledged property has been significantly changed by the norms of the Civil Code (Article 349 of the Civil Code). Previously, regardless of the type and nature of the pledged property, foreclosure on the subject of the pledge was carried out by a court decision.

In the cases stipulated by the legislation, it was allowed to foreclose on the pledged property and in an indisputable manner on the basis of a notary's executive note (in accordance with Article 28 of the Law of the Russian Federation "On Pledge").

Such regulation of the order of foreclosure on pledged property had very significant drawbacks. It was superficial, it did not take into account the whole variety of situations developing in mortgage relations. Criticism was aroused by the norms allowing the indisputable foreclosure on the subject of pledge according to the notary's executive note. After all, the use of this method of satisfying the claims of the pledgee is fraught with considerable risk, since upon receipt of the notarial inscription, no verification of the validity of the creditor's (pledgee's) claims, their thoroughness, the availability of debt repayment opportunities without foreclosure on the pledged property is made.

The Code implements a different approach to resolving the issue of the order of foreclosure on pledged property. Its essence lies in the differentiation of legal regulation of the order of foreclosure on the subject of a pledge, depending on the type of property pledged, as well as on the nature of the pledge relationship.

Foreclosure on real estate:

Here we take into account the type of mortgaged property with characteristic features inherent only in it. As you know, real estate includes land plots, subsoil plots, isolated water bodies and everything that is firmly connected with the land, that is, objects, the movement of which is impossible without disproportionate damage to their purpose, including forests, perennial plantings, buildings, structures.

Real estate also includes aircraft and sea vessels subject to state registration, inland navigation vessels, space objects, as well as other property that, in accordance with the law, belongs to real estate. It is recognized as real estate and the enterprise as a whole as a property complex of the Federal Law of July 16, 1998 No. 102-FZ "On mortgage (mortgage of real estate)".

Salient feature legal regime real estate is that the rights to real estate, as well as real estate transactions are subject to state registration.

The general rule governing the order of foreclosure on pledged immovable property is the provision according to which the claims of the pledgee are satisfied from the value of such property by a court decision. The possibility of an indisputable appeal of the survey to real estate, which is the subject of a pledge and, according to the executive inscription of a notary, is excluded.

Satisfaction of the pledgee's claim at the expense of the pledged real estate without going to court is allowed on the basis of a notarized agreement between the pledgee and the pledger, concluded after the grounds for foreclosure on the pledged item have arisen. There is no doubt that both the mortgagee and the mortgagor are interested in concluding an agreement in accordance with which the claims of the mortgagee are satisfied at the expense of the mortgaged real estate without going to court. The mortgagee gets the opportunity to quickly satisfy his claims against the debtor, and the mortgagor is able to avoid legal costs.

The order of foreclosure on pledged movable property:

Here, the claims of the pledgee are satisfied at the expense of the subject of the pledge by a court decision, unless otherwise provided by the agreement of the pledger with the pledgee.

In this case, the pledgee and the pledger are provided with more opportunities to do without a court when deciding whether to satisfy the pledgee's claims at the expense of the pledged item. To do this, it is enough to have an appropriate condition in the pledge agreement or in another agreement of the parties, which can be drawn up even before the pledgee has grounds to foreclose on the pledged property.

2.5 Sale of mortgaged property

The sale of the pledged property is carried out by sale at a public auction in the manner prescribed by procedural legislation, unless a different procedure is established by law (clause 1 of article 350 of the Civil Code). If the foreclosure on the pledged property is made in judicial procedure, then the court may, at the request of the pledger, postpone the sale of the pledged property for up to one year (clause 2 of article 350 of the Civil Code). This rule is designed mainly for those cases when the subject of the pledge is the only apartment owned by a citizen. The law does not define the criteria by which the court should be guided when considering such a request from the pledger. It is clear that granting a grace period is contrary to the interests of the mortgagee. In order to to some extent neutralize the infringement of his interests by law, it has been established that the deferral does not affect the rights and obligations of the parties under the obligation secured by the pledge, and does not exempt the debtor from compensation for the creditor's losses and penalties that have increased during the deferral (Clause 2, Article 350 of the Civil Code ).

This rule is intended, along with ensuring the interests of the pledgee (compensation for his losses during the deferral), to stimulate the debtor to fulfill his obligations as soon as possible (the longer the deferral period, the greater the losses of the pledgee and, accordingly, large amount the pledgor will have to pay). In the event that the foreclosure on the subject of pledge is made in a judicial proceeding, the court determines the initial selling price of the pledged property. If the claim on the subject of the pledge is leveled, without judicial procedure, by agreement of the parties, then the parties determine the initial sale price.

The pledged property is sold to the person who offered the highest price at the auction (clause 3 of article 350 of the Civil Code).

If the auction is declared invalid, then the pledgee has the right, by agreement with the pledger, to acquire the subject of pledge. In this case, claims secured by the pledge are included in the purchase price. To such an agreement, the rules on the sale and purchase agreement apply (clause 4 of article 350 of the Civil Code). In practice, in such a situation, in return for paying the mortgagee a certain amount, the mortgagor transfers the mortgaged property to him. In the event that the pledgee did not exercise this right or the pledger did not give consent to the acquisition of the pledged property by the pledgee and repeated auctions were held, which were again declared invalid, the pledgee has the right to retain the subject of the pledge (to receive ownership). The right of the pledgee to leave the pledged property for himself is realized regardless of the will of the pledger (no agreement is required); in the same way, regardless of his will, the assessment (within the specified limits) of the corresponding property is carried out. If the pledgee does not exercise the right to retain the subject of the pledge within a month from the date of the announcement of the repeated bidding as invalid, the pledge agreement is terminated (clause 4 of Art. 350 of the Civil Code).

In the event that the amount received from the sale of the pledged property exceeds the amount of the pledgee's claim secured by the pledge, the difference is returned to the pledgee (clause 6 of article 350 of the Civil Code). If, on the contrary, the amount received from the sale of the pledged item is insufficient to cover the claims of the pledgee, he has the right, in the absence of another indication in the law or the contract, to receive the missing amount from the debtor's other property, without using the advantage based on the pledge (paragraph 5 of Art. . 350 GK).

As noted, the debtor and the pledger, who is a third party, have the right at any time before the sale of the pledged item to stop levying execution on it and its implementation, having fulfilled the main obligation or that part of it, the performance of which is overdue.

In accordance with paragraph 1 of Art. 342 of the Civil Code, if the same thing is the subject of a pledge for two (or more) obligations, then in the event of default of obligations from the value of the pledged property, the claims of that of the creditors who entered into the pledge agreement earlier are first of all satisfied. If, after the satisfaction of his claims, there are funds left from the value of the pledged item, then they are sent to repay the debt to the pledgee who entered into a pledge agreement later.

Pledge relations are terminated on general grounds for termination of obligations, provided for in Chapter 26 of the Civil Code. For example, a pledge agreement is terminated by the impossibility of performance if it is caused by circumstances for which none of the parties is responsible (Article 416 of the Civil Code).

In addition, in Art. 352 of the Civil Code establishes special grounds for the termination of the pledge:

) termination of the obligation secured by the pledge. It cannot be otherwise, given the accessory nature of the collateral. The basis for the termination of the main obligation (performance, compensation, offset, etc.) does not matter for the termination of the pledge;

) the requirement of the pledgor in case of gross violation by the pledgee of his obligations to maintain and ensure the safety of the pledged property transferred to him in possession, if this violation creates a threat of loss or damage to the pledged item (clause 3 of article 343 of the Civil Code). Strictly speaking, the very statement of the specified requirement does not terminate the pledge agreement. Termination of the pledge occurs when this requirement is satisfied by the pledgee or by a court decision;

) the destruction of the pledged thing or the termination of the pledged right, if the pledger did not exercise the right to restore the pledged item or replace it with other equivalent property;

) sale of pledged property from public auction, as well as the impossibility of its implementation (Art. 350 of the Civil Code).

Termination of the pledge is also possible on some other grounds. So, in accordance with paragraph 2 of Art. 354 of the Civil Code, the pledge is terminated in cases where the pledged property is seized from the pledger on the grounds that in reality the owner of this property is another person (Article 301 of the Civil Code), or in the form of a sanction for committing a crime or other offense (Article 243 of the Civil Code). The pledge is also terminated with the transfer to another person of the debt under the obligation secured by the pledge, if the pledgor has not given the creditor consent to be responsible for the new debtor (Article 356 of the Civil Code).

contract pledge levy foreclosure

Conclusion

Based on the foregoing, it can be stated that already now in Russian civil law, which regulates various aspects of mortgage relations, there have been profound changes, legislative acts every year more and more correspond to economic and political conditions, but no less significant changes still have to be made. The above applies both to the institution of property rights and to the institution of rights of obligation. The institution of pledge in relation to these two institutions occupies a special position. On the one hand, a pledge has property-legal characteristics, and on the other, it is one of the ways to secure obligations.

The institution of pledge is a complex legal institution, the structure of which includes a general part - general provisions relating to all types of pledge; and legal regulations governing certain types of collateral. This institution is made up of material and procedural norms. Certain types of collateral differ significantly from each other, but at the same time they can be combined into certain groups.

The main feature of a pledge in comparison with other methods of securing the fulfillment of obligations is that it is of a property-legal (property-obligation) nature.

The main norms of civil law regulation of mortgage legal relations in Russia are contained in the Civil Code of the Russian Federation, the Federal Law "On Mortgage (Real Estate Pledge)". The legal regulation of specific pledge relationships depends on the subject of the pledge, the subject composition of the legal relationship, and a number of other conditions that arise in certain types of pledge. Disadvantages of modern Russian legislation regulating pledges, as well as obstacles to their application.

Deficiencies in the legislation governing property relations are important reasons for the difficulties that borrowers face in obtaining loans. This is due to the fact that insufficient elaboration of the relevant rules on collateral and on property increases the risk of creditors and, therefore, increases the payment for a loan or makes it difficult to obtain it. It should be noted that the complexity of the foreclosure procedure on the subject of a pledge, especially in the case of a mortgage, pledge of goods in circulation and processing, pledge of rights, also prevents the expansion of the scope of use of pledge as a way to ensure the fulfillment of obligations in civil circulation.

To eliminate this deficiency, it is necessary to develop legal norms that expand the possibilities and scope of extrajudicial foreclosure on pledged property.

In this case, it is necessary to develop not only the array of normative legal acts regulating this or that type of pledge, but also the material base, including the development of the relevant state structures necessary to streamline the legal regulation of both the institution of pledge in general and certain types of pledge in particular.

Thus, the 1964 Civil Code significantly restricted the use of bail. In practice, the obligations of enterprises were secured only by the pledge of goods in circulation and processing. Citizens had the right to mortgage their household and personal items.

However, the role of collateral has increased in the conditions market economy The Law on Pledge, adopted on May 29, 1992, significantly expanded the scope of its application, made it possible to mortgage enterprises, buildings, structures and other property and property rights.

Since January 1, 1995, relations arising from a pledge agreement are governed by the Civil Code of the Russian Federation and the Law on Pledge in the part that does not contradict the Civil Code of the Russian Federation.

The Civil Code of the Russian Federation provides for the addition of provisions on pledge with the provisions of the law on mortgages and the law on registration of rights to real estate.

Based on the above, we can say that the essence of the pledge is to grant the creditor-pledge holder the right to the acquired satisfaction of his claim at the expense of the pledged property. These requirements are satisfied in the third priority after the recovery of alimony, claims arising from labor relations and social insurance, claims for taxes and non-tax payments to the budget, for damages and some other claims. In the event of liquidation of a legal entity, creditors' claims for obligations secured by a pledge of property belonging to the liquidated enterprise are also satisfied in the third priority.

In addition, the pledge relationship arises not only from the contract, but also the pledge may be provided by law.

Bibliography

1.Alekseev S.S. Civil law: Textbook. M .: Prospect, 2009.528 s

2.Braginsky M.I., Vitryansky V.V. Contract law: General Provisions: K.1. - 3rd ed., M .: Stout, - 2006.- 682 p.

.Braginsky M.I., Vitryansky V.V., Zvekov V.P. and etc; Ed. V.D. Karpovich. Commentary on part one of the Civil Code of the Russian Federation for entrepreneurs / - 2nd ed. - M., 2010. - 746 p.

4.Bogatyrev F. Problems of pledge of rights. // Economy and law, 2007. - No. 7. - p.87-92.

5.Vitryansky V.V. Types and characteristics of the agreement // Economy and life. - 2005. - No. 48. - P.38

6.Gros L. Pledge: issues of civil law and civil procedure. // Economy and law. - 2008. - No. 2. - p.67-75.

7.Egorov, I. Eliseev V. Civil law: textbook: in 3 volumes.Vol. 1. - 6th ed., // Prospect, 2006 .-- 700.

8.Zenin I.A. Civil law: Textbook. M .: Higher education,
2008.567 p.
9.Zavidov B.D. Enforcement of pledge and its contradictions. // Notary. - 2004. - No. 5/6. - p. 37-42.

10.Ioffe O.S. Obligations law. - M .: - 2012 .-- 880 p.

11.Kirsanov A.B. Types of contracts in civil law. - M .: Infra-M, 2004.

12.Pavlodsky E. Pledge of real estate (mortgage). // Economy and law. - 2000. - No. 4. - p. 112-128.

13.Sadikova. ON Civil law: Textbook. T.1 / M .: INFRA-M, 2009.493 p.

14.Sergeeva AP, Tolstoy YK .. Civil law: Textbook. Part 1 / M .: Prospect, 2009.784 p.

.Sergeeva A.P., Tolstoy Yu.K. Civil law: Textbook. Part 2 / M .: Prospect, 2008.848s.

16.Tikhomirov Yu.A. Economic contracts. M .: Economics, 2007 .-- 210 p.

Normative acts:

.Constitution of the Russian Federation (as amended on 10.02.2012):

18.The Civil Code of the Russian Federation (parts one, two, three, four): As amended by the Federal Law of 02.07.2013 N 142-FZ, 2013.

19.Law of the Russian Federation of May 29, 1992 No. 2872-1 "On Pledge." // Bulletin of the Congress of People's Deputies of the RSFSR and the Supreme Soviet of the RSFSR, 1992.- No. 23, p. 1239.

20.The Law "On Protection of Consumer Rights" with sample statements: according to comp. for 2011 / commentary by M.N. Agafonova. - M .: OOO "Reed Group", 2011. - 96 p.

The main features of the collateral and the grounds for its occurrence. Types of collateral and scope of its application. Essential terms of the pledge agreement. Foreclosure on real estate. The rights and obligations of the parties under the contract. Realization of mortgaged property.
Brief content of the material:

Posted on

Introduction

1. The concept of pledge

1.1 General concept of collateral

2. General characteristics of the pledge

2.1 Pledge subject

2.2 Terms of the pledge agreement

2.3 Rights and obligations of the parties under the pledge agreement

2.4 Foreclosure on mortgaged property

2.5 Sale of mortgaged property

Conclusion

Bibliography

Introduction

Now, in conditions of low contractual discipline, unreliability and simply bad faith of counterparties, various ways of ensuring the fulfillment of obligations should be increasingly developed.

In accordance with paragraph 1 of Art. 329 of the Civil Code of the Russian Federation, the fulfillment of obligations may be secured by a forfeit, pledge, retention of the debtor's property, surety, bank guarantee, deposit and other methods provided by law or contract.

Methods for ensuring the fulfillment of obligations are of a property nature and are established in the interests of the creditor. One of these means is a pledge, which compels the debtor to fulfill the obligation, and if it is not fulfilled, it protects the interests of the creditor by allowing satisfaction at the expense of the property owned by the debtor.

The mortgage of the pre-revolutionary period was differentiated into the mortgage of movable and immovable property. Its forms largely depended on the object (real estate - a mortgage fortress; movable - an act on the transfer of movable property) and on who acted as the subject of the pledge (church, treasury, etc.). In addition, property re-mortgage was allowed.

With the abolition of the NEP by the Soviet regime, including private capital, in the late 1920s and early 1930s, pledge relations lost their significance. Suffice it to say that collateral legal norms were represented by only 11 articles of the Civil Code of the RSFSR of 1964, provisions that were traditionally contained in the Instruction of the State Bank of the USSR regulating the procedure for lending to enterprises and economic organizations, as well as the provisions of the Model Charter of a pawnshop approved by the Resolution of the Council of Ministers of the RSFSR dated June 7, 1968. It should be noted that these acts had many gaps and contained rather outdated norms. Zavidov B.D. Analysis of the pledge in the civil law of Russia.

The very life in Russia with its spontaneous market laws forced the legislator to issue a whole package of legal documents regulating the pledge. At the beginning of 1992, the Law "On Pledge" was adopted Vedomosti of the Congress of People's Deputies of the RSFSR and the Supreme Soviet of the RSFSR, 1992. No. 23. p. 1239, then in Chapter 23 of the first part of the Civil Code of the Russian Federation, paragraph 3 appeared under the title "Pledge", and, Finally, on July 22, 1998, the Federal Law "On Mortgages (Real Estate Pledges)" of July 16, 1998, No. 102-FZ, entered into force. Russian newspaper dated July 22, 1998.

Pledge is one of the most important tools in the legal regulation of market relations. It is also important because otherwise it is closely related to the issues of ownership, the means of possible, and perhaps the initial, protection of the entrepreneur from an unscrupulous counterparty. In mortgage relations, the creditor acts on the principle “I believe not a person, but things”.

The object of research is the concept of pledge, in turn the subject of the general characteristics of the pledge.

The purpose of this work is to study the pledge as an institution of civil law.

1. Describe the main features of the pledge;

2. Expand the concept and grounds for the occurrence of a pledge;

3. Determine the types of collateral and the scope of its application;

4. Consider the rights and obligations of the parties under the pledge agreement.

Work structure. The work consists of an introduction, two chapters, a conclusion, a list of references.

1. The concept of pledge

1.1 General concept of collateral

The establishment of a special right to the property of the pledger, combined with the right to the right to foreclose on the subject of the pledge over other creditors of the pledger, make the pledge one of the most reliable ways of securing the fulfillment of obligations. It should also be borne in mind that privatized housing in market conditions is often the only sufficiently valuable property, pledging which a citizen can receive initial capital for entrepreneurial activity. In addition, obtaining a loan for the purchase of housing with the subsequent pledge of this housing is one of the real ways to solve the housing problem.

According to clause 1 of Article 334 of the Civil Code, the pledgee has the right to receive, on the same basis, satisfaction from insurance compensation for the loss or damage of the pledged property, regardless of whose benefit it is insured, unless the loss or damage has occurred for reasons for which the pledgee is responsible ...

It can be said that a pledge secures the fulfillment of obligations through two functions:

1. The pledge stimulates the debtor to perform his duties, since undesirable consequences may occur for him: the collection will be levied on the subject of the pledge (stimulating function).

2. If the debtor fails to fulfill his obligations, the possibility of foreclosure on the pledged property is realized in order to compensate for all the creditor's losses (compensation function).

1.2 Grounds for the origination of the pledge

The pledge may also arise on the basis of the law upon the occurrence of the circumstances specified in it.

1.3 Types of collateral and scope of its application

The collateral can be divided into separate types based on various criteria.

1. A pledge may secure a valid claim, in particular, arising from a loan agreement, including a bank loan, sales and purchase agreements, property lease, carriage of goods and other agreements.

2. The subject of a pledge may be things, securities, other property and property rights. The subject of a pledge cannot be claims of a personal nature, as well as other claims, the pledge of which is prohibited.

3. A pledge may be established in relation to claims that have arisen ...

Other files:

General characteristics of collateral in modern Russian legislation... The concept of a pledge as the main method of securing the fulfillment of obligations. Yes ...

Characterization of the pledge as a way of securing the fulfillment of obligations. Types of collateral, the content of the mortgage obligation. Conclusion of a mortgage agreement ...

Development of the institution of pledge in foreign and Russian civil law. Pledge agreement. Conditions, form of contract, parties to the contract: their rights and obligations ...

The concept of real estate, the legal field in the field of real estate pledge. The main stages and methods of real estate appraisal for mortgage purposes. Market assessment ...

According to clause 1 of article 354 of the Civil Code, the replacement of the subject of pledge is allowed with the consent of the pledgee, unless otherwise provided by law or agreement.

The Civil Code provides for the pledge of securities.

In cases where the pledge is money held in the bank, and not directly with the pledger, the right of claim becomes the subject of pledge. The Russian Civil Code allows for the pledge of property rights. The pledge of rights is a new element in comparison with the Civil Code of 1964, which established that only things can be the subject of pledge.

When it comes to the pledge of rights, we mean the pledge of only property rights. It is legally impossible to pledge a non-property right, since it is not at all an object of circulation.

Any transactions for the disposal of non-property rights are null and void. Bogatyrev F. Problems of pledge of rights // Economy and law. - 2007. - No. 7. - p.87

During the period of validity of the pledge agreement, the right of ownership of the pledged property or the right of economic management by it may pass from the pledger to another person as a result of the repayable or gratuitous alienation of this property, or in the manner of universal legal succession (in case of inheritance of property, reorganization of a legal entity). Such a transition does not entail the termination of the pledge agreement, the corresponding property remains the subject of pledge (clause 1 of article 353 of the Civil Code).

If the property of the pledger, which is the subject of the pledge, was transferred by succession to several persons, each of the legal successors shall bear the consequences arising from the pledge of failure to fulfill the obligation secured by the pledge in proportion to the part of the specified property transferred to him. However, if the subject of pledge is indivisible or, for other reasons, remains in the common property of the successors, they become joint pledgers (clause 2 of article 353 of the Civil Code).

In accordance with the general rule established by paragraph 1 of Art. 338 Civil Code, the mortgaged property remains with the mortgagor. The contract may specify otherwise.

The subject of the pledge may be left with the pledger, depriving of the opportunity to use and dispose of the pledged property - under lock and key and the seal of the pledgee. Sometimes the subject of the pledge remains with the pledger with the imposition of signs indicating the pledge (firm pledge). Civil law: textbook: in 3 volumes. T. 1. - 6th ed., Revised. and additional / N.D. Egorov, I.V. Eliseev; // Prospect, 2006 .-- 700.

In order for the contract to be considered concluded, an agreement is required on all the essential terms of the contract (Article 432 of the Civil Code).

Trust (blank) loan Interest rate on blank loans

Cash loan without work

Types of collateral. General characteristics. Pledge. Types of collateral and their characteristics Collateral its types general characteristics