the mortgage ranks from the date notice is filed. This means that a floating mortgage ranks lower than a fixed mortgage. Civil law countries Civil law countries generally allow for a commercial pledge to be taken over the pooled movable assets held or acquired for the use of a business or income-producing activity (going concern) and not for sale. The pool is restricted to movable (personal) property of a long-term nature and of value to the operation of the business, specifically inventory and fixed assets, which include movable tangibles such as trade fixtures, equipment, machinery, tools, furniture; and legal intangibles such as company style (name), logos, goodwill, intellectual property, leases. The pledge never crystallises like a floating charge; instead the pool is a universitas rerum and treated as a single movable security subject. The asset pool is referred to as a fonds de commerce (French), fondo de comercio (Spanish), fondo di commercio (Italian), Geschäftsfonds (German), handelsfonds (Dutch), and so on. Besides the class of assets secured, the civilian commercial pledge differs from a floating charge in that fixed assets are not always changing, and the creditor ranks prior to all secured and unsecured claims. Commercial pledges exist in common law countries but are usually taken over working capital (floating assets and investments). See also Debenture Security interest Lien Qualifying floating charge Voidable floating charge Footnotes Further reading Getzler & Payne, Company Charges - Spectrum and Beyond (OUP 2006), External links Floating charges - www.accaglobal.com Property law Debt cs:Pohyblivé zástavní právo