| 单词 | Letter of hypothecation |
| 释义 | 抵押權證書／質押證書 A letter from an exporter to a bank authorising it, in the event of the importer failing to pay, to sell the exported goods and remit the proceeds less expenses to the exporter. If the bank has made an advance to the exporter, such a letter enables it to recover the loan by selling the goods if the amount owing is dishonoured. It is a form of equitable charge inferior to a pledge but useful where no pledge is possible either because the goods are stored in the customer’s own warehouse or are undergoing a manufacturing process or in transit. As the bank does not have possession of the goods or of documents of title to them, its security is delegated by a bon fide purchaser for value without notice of the bank’s security. However, a letter of hypothecation is valid against a liquidator or trustee in bankruptcy. They are not bills of sale and therefore not registrable: Lingard Bank Security Documents (3rd Ed, Butterworths) paras 17.72, 17.73. See also Hypothecation; Pledge; Trust receipt. 出口商向銀行發出的授權書，授權銀行在入口商不能付款時出售該出口貨品，在減去支出後將售賣得益匯給該名出口商。如銀行曾向出口商作出預付者，質押證書可讓銀行在該款額被拒還時，藉出售貨品討回。一種不及質押的衡平法押記，但在不可能取得質押的時候有用，例如貨品已儲存於客戶自己的貨倉，或正在生產中，或正在運送中。因為銀行沒有管有貨品或貨品的所有權文件，它的擔保由付出價值沒有獲得通知的真誠購買人轉授。然而，質押證書針對清盤人或破產案受託人為有效。質押證書並非賣據故不可予註冊：Lingard Bank Security Documents （第3版, Butterworths）第17.72, 17.73段。另見 Hypothecation; Pledge; Trust receip。 |
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