People's Republic of China (PRC) Civil Code
Article 400? When the mortgage contract establishes the mortgage right, the parties shall conclude the mortgage contract in writing.
A mortgage contract generally includes the following clauses:
(1) The type and amount of secured creditor's rights;
(2) The time limit for the debtor to perform the debt;
(3) The name and quantity of the mortgaged property;
(4) the scope of the guarantee.
Article 402? Where the property specified in Items 1 to 3 of the first paragraph of Article 395 of this Law or the building under construction specified in Item 5 is mortgaged, the registration of real estate mortgage shall be handled. The mortgage is established at the time of registration.
Matters needing attention in writing IOUs
1. The IOU is a voucher to pay or demand the arrears, so don't scribble when writing the IOU. At the same time, the white bars should be well preserved to prevent them from being lost.
2. IOU is a kind of loan certificate in people's daily communication, which is generally not legally binding. So when necessary, you can go through certain legal procedures to prevent future troubles.
3. The IOUs must be legible and cannot be altered. In case of change, the changing party shall affix the official seal (private seal) or personal signature at the change place.
4. Currency figures should be capitalized.
5. It should be noted that IOUs are different from IOUs, and the scope of application of IOUs is wider than IOUs, and the creditor-debtor relationship indicated in IOUs is more clear than IOUs.