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the term of suretyship shall be six months from the date of maturity of the principal debts.
Where the creditor neither files a lawsuit against the debtor nor applies for arbitration during the term of suretyship agreed in the contract of provided in the preceding paragraph, the surety shall be relieved of the suretyship liability; where the creditor has filed a lawsuit or applied for arbitration, the provisions on the interruption of prescription shall apply to the term of suretyship.
Article 26 Where the surety of a suretyship of joint and several liability and the creditor have no agreement on the term of suretyship, the creditor shall, within six months from the date of maturity of the principal debts, have the right to demand that the surety undertake suretyship liability.
If the creditor does not demand that the surety undertake suretyship liability during the term of suretyship agreed in the contract or provided by the preceding paragraph, the surety shall be relieved of the suretyship liability.
Article 27 Where in accordance with the provisions of Article 14 of this Law, a surety provides a suretyship to a creditor's claims which successively occur but there is no agreement on the term of the suretyship, the surety may at any time notify in writing the creditor of termination of the suretyship contract, nevertheless, the surety shall be liable for the creditor's claims which vested before the creditor receives the notice.
Article 28 Where there are both suretyship and property security for the same claim, the surety shall be liable for the creditor's claim unsecured by the property security.
If the creditor waives the property security, the surety shall be relieved of his suretyship liability to the extent of the creditor's waiver.
Article 29 If a branch of an enterprise as a legal person concludes a suretyship contract with a creditor without the written authorization of the enterprise or beyond the scope of the authorization, the suretyship contract shall be null and void or the part of the contract that is beyond the scope of the authorization shall be null and void. If the creditor and the enterprise as a legal person are both at fault, they shall bear their respective civil liabilities commensurate with their own fault; if the creditor is not at fault, the enterprise as a legal person shall be civilly liable.
Article 30 The surety shall not be civilly liable under any of the following circumstances:
(1) the parties to the principal contract conspire to defraud the surety of a suretyship; and
(2) the creditor to the principal contract resorts to deception or coercion to induce or cause the surety to provide a suretyship against its will.
Article 31 The surety, after his assumption of the suretyship liability, shall be entitled to recourse against the debtor.
Article 32 If the creditor does not seek to enforce his claim after a People's Court's acceptance of the debtor's bankruptcy case, the surety may participate in the distribution of the bankruptcy property and exercise his right of recourse in advance.
Chapter 3 Mortgage
Section 1 Mortgage and Mortgaged Property
Article 33 Mortgage as used in this Law means that the debtor or a third party secures the creditor's rights with property listed in Article 34 of this Law without transference of its possession.债务人不履行债务时，债权人有权依照本法规定以该财产折价或者以拍卖、变卖该财产的价款优先受偿。
If the debtor defaults, the creditor shall be entitled to convert the property into money to offset the debts or have priority in satisfying his claim from the proceeds of auction or sale of the property in accordance with the provisions of this Law.
The debtor or the third party specified in the preceding paragraph is the mortgagor, the creditor is the mortgagee, and the property provided as security is the mortgaged property.
Article 34 The following property may be mortgaged:
(1) houses and other things firmly fixed on the land which are owned by the mortgagor;
(2) machines, means of transport and other property owned by the mortgagor;
(3) the land-use right to the State-owed land, State-owned houses and other things firmly fixed on the land which the mortgagor is entitled to dispose of according to law;
(4) State-owned machines, means of transport and other property which the mortgagor is entitled to dispose of according to law;
(5) The land-use right to barren hills, barren gullies, barren hillocks, waste flood land and other unreclaimed land contracted by the mortgagor according to law and consent for the mortgage of such right is obtained from the party granting the contract; and
(6) Other property that may be mortgaged according to law.
A mortgagor may at the same time mortgage all the property listed in the preceding paragraph.
Article 35 The amount of a claim secured by a mortgagor shall not exceed the value of his mortgaged property.
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