Supreme People's Court, Questions Concerning the Validity of a Mortgage Contract Signed by a State-owned Industrial Enterprise With the Creditor Using Such Property as Machines and Equipment as Mortgaged Property Official Reply

最高人民法院关于国有工业企业以机器设备等财产为抵押物与债权人签订的抵押合同的效力问题的批复

September 02, 2002 | BY

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Issued: June 18 2002Effective: June 22 2002Main contents: The Reply clarifies that a mortgage contract signed by a State-owned industrial enterprise with…

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Issued: June 18 2002
Effective: June 22 2002

Main contents: The Reply clarifies that a mortgage contract signed by a State-owned industrial enterprise with the creditor using such property as machines, equipment and factories shall not be deemed invalid just because it has not been approved by the government department in charge and there is no other statutory circumstances making it invalid.
Related legislation: PRC, Security Law, Jun 30 1995, CLP 1995 No.6 p21 and Supreme People's Court, Several Issues Concerning Application of the«PRC, Contract Law»