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在英美法中物的担保通常有四种形式，mortgage，charge，pledge，lien。对于这四种形式，pledge与大陆法系中的质押本质相同，lien与大陆法系中的留置本质相同，但对于mortgage，charge的本质和译法，仍然存在分歧。对于mortgage，我国通常有两种译法：一是将其翻译为抵押，我国大陆学者及我国台湾地区学者的著述中大多为此翻译（参见郭明瑞：《担保法原理与实务》，30～31页，北京，中国方正出版社，1995）；二是将其译为按揭，我国香港地区学者大多为此翻译。（参见何美欢：《香港担保法》，181页，北京，北京大学出版社，1996）在日本，则将其理解为让与担保。对此，有学者指出，mortgage通常在两种意义上使用：第一是泛指各种类型的物的担保；第二，是作为物的担保的一种形式，在此意义上，mortgage是一种通过债务人将特定财产权利转移给债权人而担保债权人的债权在约定的清偿期得到清偿的担保形式。（参见许明月：《英国法中的不动产按揭（Mortgage）》，载梁慧星主编：《迎接WTO——梁慧星先生主编之域外法律制度研究集》，第2辑，189～191页，北京，国家行政学院出版社，2000）从其法律构成来看，原来意义的mortgage的构成应同时具备三个要素：一为特定财产的权利转移；二为债权人在债务人不履行债务时，可以确定地取得所有权；三为债务人享有通过履行债务而赎回担保物的权利，同时债权人负有交还财产的义务。因此，从现代大陆法的观念来看，其和让与担保并无二致。考虑到“按揭”一词在房地产实务中已经得到广泛应用，下文通称为按揭。
对于charge，有学者指出，在英美法中，charge通常在两种意义上使用：一为泛指各种形式的物的担保。二为物的担保的一种类型。其于第一种意义使用时，一般译为担保。而在第二种场合，是指将动产或不动产为解除债务或其他义务而划出，但不给予债权人存在担保物中的一般或特殊的财产权，也不使债权人对标的物进行占有。因此，charge实际上是存在于一定财产上的负担，在债务人不履行债务时，债权人可以就设定负担的财产取得清偿。在英美法中，以土地为标的物设定的charge与德国法上的土地债务土地债务是指是从土地获得一定数额金钱的支付的物权变价权。德国民法学者一般认为，土地债务是一种典型的物权，是设立在土地（不动产）上的物的变价权形式的物权，因此它可以被当做不动产担保物权的一种特别形式。土地债务在作为担保物权时，大多可以适用抵押权的有关规定。故此，土地债务与抵押权具有同样的本质，土地债务可以转化为抵押权，抵押权可以转化为土地债务。但抵押权必须要有被担保债权的存在，而土地债务不具有这种性质。（参见孙宪忠：《德国当代物权法》，294～304页，北京，法律出版社，1997）属同一概念。当以有体财产设定这种负担时，便称为抵押（hypothecation）。应当注意，charge不限于在土地上设定，动产上亦可以设定charge。故此，charge译为“财产负担”较为合适。
按揭与财产负担之间的根本差异在于：财产负担的设定并不发生设定负担的财产权利的转移，属于既不转移权利、也不转移占有的一种物权；而按揭则发生担保权设定人对于担保物的财产权利转移于担保权人。当债务人不履行债务时，按揭权人可以直接实现权利，而负担权人只能通过法院实现，但负担设定人赋权负担权人直接处分担保财产时，负担便转化为按揭。
然而，在现代英美担保法中，由于按揭权利转移的观念已经淡化，按揭与财产负担之间的区别已经非常模糊。一些英美法学者认为，尽管两者性质上的差异仍然存在，但从实用的角度出发，对两者进行区分，已没有意义。故此，我国学者将mortgage译为抵押，并非绝对不可，但仍应当注意两者之间的差异。详细说明请（参见许明月：《英国法中的不动产按揭（Mortgage）》，载梁慧星主编：《迎接WTO——梁慧星先生主编之域外法律制度研究集》，第2辑，北京，国家行政学院出版社，2000）在此文中，对按揭制度的历史、类别、按揭人的权利以及救济都作了十分详细的介绍。
另外post一篇英文文章对上述法律用语的辨析
Difference Between Charge, Mortgage andPledge
Charge vs Mortgage vs Pledge
Charges, mortgages, and pledges are quitesimilar to one another in that they are all security interests thatbanks use to provider lender with security over the borrower’sassets. There are, however, a few differences between them in termsof the ownership of the asset when loans are taken out and thevarious properties of the assets that are being offered to securepayment. The article offers a clear explanation on all 3 terms andshows the similarities and differences between the two.
Charge
There are two types of charges; fixed chargesand floating charges. A fixed charge refers to a loan or mortgageof some kind that uses a fixed asset as collateral to secure loanrepayment. Fixed assets that can be used as collateral in a fixedcharge include land, machinery, buildings, shares, and intellectualproperty (patents, trademarks, copyrights, etc.). In the event thatthe borrower defaults on his loan, the bank can sell the fixedasset and recover their losses. The borrower/debtor cannot disposethe asset and the asset must be held by the borrower until thetotal loan repayment is made. A floating charge refers to a loan ormortgage on an asset that has a value that changes periodically tosecure loan repayment. In this case, assets that do not have aconstant value, or are not fixed assets such as stock inventory canbe used.
In a floating charge, the borrower has thefreedom to dispose of the asset (for example, sell stock) in thecourse of normal business activities. In the event that theborrower defaults on their loan, the floating charge freezes andbecomes a fixed charge, and the inventory left over from the timeof default cannot be disposed and will be used as a fixed charge torecover the outstanding debt.
Mortgage
A mortgage is a contract between the lenderand the borrower that allows an individual to borrow money from alender for the purchase of housing. Mortgages apply for propertythat is immovable such as buildings, land, and anything that ispermanently attached to the ground (this means that crops are notincluded in this category). A mortgage is also an assurance to thelender which promises that the lender can recover the loan amounteven if the borrower defaults. The home that is being purchased isoffered as security for the loan; which, in the event of default,will be seized and sold by the lender who will use sales proceedsto recover the loan amount. The possession of the property remainswith the borrowers (as they will usually reside in their home).
Pledge
A pledge is a contract between the borrower(or party/individual that owes funds or services) and lender (partyor entity to which the funds or services are owed) in which theborrower offers an asset (pledges an asset) as a security to thelender. In a pledge, the assets will have to be delivered by thepledger (borrower) to the pledgee (lender). The lender will havelimited interest with regard to the pledged asset. However, thepossession of the pledged asset will give the lender legal title tothe asset and the lender has the right to sell the asset in theevent that the borrower is unable to meet his obligation.
What are the differences between Charge,Mortgage and Pledge?
Charges, mortgages, and pledges are allsecurity interests that banks use to provide a lender with securityover the borrower’s assets. A mortgage is different from a pledgein terms of asset ownership; in a mortgage the assets remain theproperty of the borrower, whereas in a pledge the assets will bedelivered to the lender (lender will have legal title to theassets). Charges and mortgages are quite similar to one another;especially, the fixed charge where fixed assets are offered ascollateral to secure loan repayment. Floating charges, on the otherhand, refers to a loan or mortgage on an asset that has a valuethat changes periodically to secure loan repayment. Anotherdifference is that, in a fixed charge, the assets need to bemaintained until the debt is repaid. In a floating charge, theborrower has the freedom to dispose of the asset (for example, sellstock) in the course of normal business activities; however, if theborrower defaults on the loan, the floating charge will freeze andwill be treated like a fixed charge until debts are recovered.
Summary:
Charge vs Mortgage vs Pledge
• Charges, mortgages, and pledges are quitesimilar to one another in that they are all security interests thatbanks use to provide a lender with security over the borrower’sassets.
• There are two types of charges; fixedcharges and floating charges.
• A fixed charge refers to a loan ormortgage of some kind that uses a fixed asset as collateral tosecure loan repayment and the borrower needs to maintain the assetsuntil the debt is repaid and cannot dispose the asset until thetotal loan repayment is made. In the event that the borrowerdefaults on his loan, the bank can sell the fixed asset and recovertheir losses.
• In a floating charge, the borrower hasthe freedom to dispose of the asset in the course of normalbusiness activities and, in the event that the borrower defaults ontheir loan, the floating charge freezes and becomes a fixedcharge.
• A mortgage is a contract between thelender and the borrower that allows an individual to borrow moneyfrom a lender for the purchase of housing. The mortgages apply forimmovable properties and possession of the property remains withthe borrower. In the event of default, the lender will seize andsell the property and use sales proceeds to recover the loanamount.
• A pledge is a contract between theborrower and lender in which the borrower offers an asset (pledgesan asset) as a security to the lender. The pledger (borrower) willhave to deliver the assets to the pledgee (lender) and the lenderwill have legal title to the assets, and the lender has the rightto sell the asset in the event that the borrower is unable to meethis obligation.
• In a mortgage, the assets remain theproperty of the borrower whereas, in a pledge, the assets will bedelivered to the lender, who will have legal title to theassets.
