1. Concept of property lien
Lien of property means that the obligee (hereinafter referred to as the lienholder) who is legally holding the property that is the subject of a bilateral contract is allowed to seize the property in case the obligee fails to perform or is currently not in compliance with its obligations. Lien of property is regulated from Article 346 to Article 350 of the 2015 Civil Code.
2. Contents of property lien
The lienor has the right to request the obligor to fully perform the obligations arising from the bilateral contract; Require the obligor to pay necessary expenses for preserving and preserving the mortgaged property; to exploit the mortgaged property to collect yields and income if the obligor agrees. The value of the exploitation of the mortgaged property is offset against the value of the obligor’s obligations.
In addition to the above rights, the lienholder has the obligation to preserve and preserve the mortgaged property and must not change the condition of the mortgaged property; Do not transfer or use the mortgaged property without the consent of the obligor; Return the lien property when the obligation has been performed; Compensate for loss or damage of mortgaged property.
