Joke Collection Website - Bulletin headlines - Provisions on the administration of lien places
Provisions on the administration of lien places
Legal basis:
People's Republic of China (PRC) Civil Code
Article 447 When the debtor fails to perform the due debt, the creditor may retain the chattel that the debtor has legally possessed, and enjoy the right of priority in compensation for the chattel. The creditor specified in the preceding paragraph is the lien holder, and the movable property it occupies is the lien property.
Article 449 A chattel that cannot be retained by law or agreed by the parties shall not be retained.
Article 451 The lien holder has the obligation to properly keep the retained property; If the retained property is damaged or lost due to improper custody, it shall be liable for compensation.
Article 452 The lien holder has the right to collect the fruits of the retained property. The fruits specified in the preceding paragraph shall be used as the expenses for collecting fruits first.
Article 454 The debtor may request the lien holder to exercise the lien after the expiration of the debt performance period. If the lien holder fails to exercise it, the debtor may request the people's court to auction or sell the retained property.
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