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Unit 16. Security DevicesСпособы обеспечения обязательств

Исполнение обязательств (глава 23 ГК РФ) может обеспечиваться неустойкой, залогом, удержанием имущества должника, поручительством, банковской гарантией, задатком и другими способами, предусмотренными законом или договором.

List of key terms and word combinations:

– acceleration – сокращение срока платежа для приобретения права (как санкция за неуплату в срок процента или части долга)

– assume the mortgage – принимать на себя залог

– attachment – скрепление (печатью, подписью); наступление (ответственности, риска, обязанности и т.

д.); судебный приказ о наложении ареста на имущество

– balloon-payment mortgage – большой одноразовый платеж в погашение долга

– collateral – обеспечение; залог; дополнительное обеспечение

– conventional mortgage – обычная ипотека (не гарантированная государством)

– deed of trust – документ об учреждении доверительной собственности

– flexible-rate mortgage – ипотека с плавающей процентной ставкой

– foreclosure – лишение права выкупа заложенного имущества, переход заложенной недвижимости в собственность залогодержателя

– graduated-payment mortgage – закладная с возрастающей суммой выплат в счет погашения (первые взносы невелики и возрастают по согласованной схеме)

– mortgage – ипотечный залог mortgagee – кредитор по закладной (получающий права на заложенное имущество)

– mortgagor – должник по ипотечному залогу, залогодатель

– perfected – законченный, завершенный, окончательный, оформленный

– purchase money security interest – обеспечительный интерес при покупке в рассрочку

– secured loan – обеспеченная ссуда

– secured party – обеспеченная; гарантированная сторона

– security agreement – соглашение о предоставлении обеспечения

– security interest – обеспечительный интерес; право кредитора вступить во владение собственностью, предложенной в качестве обеспечения; проценты, обеспеченные товарными документами

– subject to the mortgage – являющийся предметом залога

– unsecured loan – необеспеченный заем

– variable-rate mortgage – закладная с изменяющейся ставкой процента

Security is the assurance that a creditor will be paid back for any money loaned or for credit extended to a debtor.

Debts are said to be secured when creditors know that somehow they will be able to recover their money.
Lenders of money and people who extend credit often require a security device to protect their financial interests. A security device is a way for creditors to get their money back in case the borrower or debtor does not pay. A secured loan is one in which creditors have something of value, usually called collateral, from which they can be paid if the debtor does not pay. In general, if creditors aren't paid the debt owed to them, they can legally gain possession of the collateral. The collateral is then sold, and the money is used to pay the debt. The right to use the collateral to recover a debt is called the creditor's security interest. If creditors lend money but do not require collateral, they have made an unsecured loan. An unsecured loan is one in which creditors have nothing of value that they can repossess and sell to recover the money owed to them by the debtor. Both real property and personal property can be used to secure a debt.

A mortgage is a transfer of an interest in property for the purpose of creating a security for a debt. The one who borrows the money (the mortgagor) conveys all or part of his or her interest in the property to the lender (the mortgagee) while at the same time retaining possession of the property. A mortgage on real estate creates a legal claim to the property. This legal claim, also called a lien, gives the lender the right to have the property sold if the debt is not paid. Once the land is sold and the debt is satisfied, the mortgagor's obligation to the mortgagee is over. However, if the sale of the property does not satisfy the whole debt, the mortgagor will still owe the balance.

Some of the most common mortgages are the conventional, the variable-rate, the graduated-payment, the balloon-payment, and deeds of trust.

A conventional mortgage involves the loan made by private lenders, and the risks of loss are borne exclusively by them. In the past, conventional mortgages had fixed interest rates that stayed the same during the life of the mortgage regardless of fluctuations in the economy.

A variable– or flexible-rate mortgage has a rate of interest that changes according to fluctuations in the index to which it is tied.

A graduated-payment mortgage has a fixed interest rate during the life of the mortgage; however, the monthly payments made by the mortgagor gradually increase over the term of the loan, usually reaching a plateau at which the payments remain fixed.

A balloon-payment mortgage has relatively low fixed payments during the life of the mortgage followed by one large final (balloon) payment.

Under a deed of trust, the mortgagor conveys his or her interest in the property to a disinterested third party, known as a trustee.

The mortgagor remains on the property, but the trustee holds certain rights to that property as security for the mortgagor's creditors. If the debtor defaults, the trustee can sell the property for the benefit of those creditors.

By law and by agreement, the mortgagor has certain rights and certain duties in conjunction with the mortgage. First, under the rule followed by a majority of jurisdictions, the mortgagor has the right to possess the property. The mortgagor holds title to the property despite the financial interest of the mortgagee. In jurisdictions following the old common law rule, the mortgagee has title to the premises but the mortgagor retains possession.

Second, the mortgagor has the right to any income produced by the property. Of course, the mortgagor could also assign this right to the mortgagee as a condition to executing the original mortgage agreement.

Third, the mortgagor has the right to use the property for a second or third mortgage.

Finally, the mortgagor has the right of redemption, that is, the right to pay off the mortgage in full, including interest, and to thus discharge the debt in total.

Chief among duties of the mortgagor is to pay installment payments on time. Mortgagors must also preserve and maintain the mortgaged property for the benefit of the mortgagee's interest and security, and insure the property for the benefit of the mortgagee to the amount of the mortgaged debt.

The mortgagor must pay all taxes and assessments that may be levied against the property.

The mortgagee has the unrestricted right to sell, assign, or transfer the mortgage to a third party. Whatever rights the mortgagee had in the mortgage are then the rights of the assignee. The only way the mortgagor could stop the mortgagee from assigning the mortgage is to pay the mortgagee everything owed on the mortgage.

Sometimes, the property may be sold with the mortgage remaining on it. In such takeovers, the transfer of title to a new buyer is subject to the buyer's payment of the seller's mortgage at the existing rate of interest.

In purchasing a property already mortgaged, the buyer will either assume the mortgage or take the property subject to the mortgage.

When buyers decide to assume the mortgage, they agree to pay it. When they take the property subject to a mortgage, the seller agrees to continue paying the debt.

The property that is subject to the security interest is called collateral. A security interest is created by a written agreement, called a security agreement, which identifies the goods and is signed by the debtor. The lender or seller who holds the security interest is known as the secured party. A security interest is said to attach when the secured party has a legally enforceable right to take that property and sell it to satisfy the debt. It is said to be perfected when the secured party has done everything that the law requires to give the secured party greater rights to the goods than others have.

A security agreement is an agreement that creates a security interest. It must be in writing, signed by the debtor, and contain a description of the collateral that is used for security.

To be effective, a security interest must be legally enforceable against the debtor. This is known as attachment. Attachment occurs when three conditions are met. First, the debtor has some ownership or possessive rights in the collateral. Second, the secured party (or creditor) transfers something of value, such as money, to the debtor. Third, the secured party takes possession of the collateral or signs a security agreement that describes the collateral.

When a security interest attaches, it is effective only between debtor and creditor. Such creditors, however, will want to make certain that no one else can claim that collateral before they do, if the debtors fail to pay them back. To preserve the right to first claim on the collateral, creditors must perfect their interest. A security interest can be perfected in one of three ways: by attachment alone, by possession of the collateral, or by filing a financial statement in the appropriate government office.

Perfection by attachment alone means that, in limited situations, a security interest is perfected the moment it attaches, that is, as soon as the security interest becomes legally enforceable.

One situation in which this type of perfection occurs is when someone lends money to a consumer and then takes a security interest in the goods that the consumer buys. This is called a purchase money security interest and applies only to consumer goods.

Perfection by possession means that a security interest may be perfected when the secured party (the creditor) takes possession of the collateral. This is called a pledge. The borrower, or debtor, who gives up the property, is the pledger. The secured party, or creditor, is the pledgee. A secured party who has possession of the collateral must take reasonable care of the property. The debtor must reimburse the secured party for any money spent to take care of the property. The debtor assumes the risk of accidental loss beyond any insurance coverage.

Perfection by filing means that security interests in most kinds of personal property are perfected by filing a financial statement in a public office.

Exercise 1. Comprehension questions:

1. What kinds of property can be used to secure a debt?

2. Give definition of a mortgage.

3. When is the mortgagor's obligation to the mortgage over?

4. Who bears the risk of loss in conventional mortgage?

5. What does a deed of trust suppose?

6. What are the requirements to a mortgage?

7. What is the role of the third party in a mortgage?

8. In what case does an attachment occur?

Exercise 2. Find in the text English equivalents to the following:

Сокращение срока платежа для приобретения права; принимать на себя залог; наступление ответственности; судебный приказ о наложении ареста на имущество; обычная ипотека; документ об учреждении доверительной собственности; собственность залогодержателя; ипотечный залог; кредитор по закладной; должник по ипотечному залогу; завершенный; обеспечительный интерес; обеспеченная ссуда; гарантированная сторона; соглашение о предоставлении обеспечения.

Exercise 3. Consult recommended dictionaries and give words or phrases to the following definitions:

Основания удержания; уменьшение неустойки; залог земельного участка; распоряжение предметом залога; прекращение поручительства.

Exercise 4.

Be ready to talk on one of the following topics:

1. Differentiate between a secured and an unsecured loan.

2. Identify six types of mortgages.

3. Describe and distinguish between the rights and duties of the mortgagor and the rights and duties of the mortgagee.

4. Decide whether security interests are perfected in cases involving various kinds of collateral.

5. Discuss what rights a secured party has when a debtor defaults by failing to make payments when due.

Exercise 5. Make up your own dialog on the case: In In re Manuel, buyer bought a television set and seller claimed a purchase money security interest in the television set and in several items previously purchased. The Fifth Circuit, reasoning that to have a purchase money security interest the collateral must secure its own price, held that the seller did not have a purchase money security interest in the previously purchased items. The court expressly left open the question whether the seller had a purchase money security interest in the television.

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Источник: Е.Г. Анисимова, С. В. Коростелёв. Английский язык для юристов. Предпринимательское право. 2011

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