it may come, to take possession of it, to take it in payment, to sell it or to cause it to be sold and thus to have a preference upon the proceeds of the sale, according to the rank as determined in this Code. The Quebec hypothèque, essentially equivalent to an American non-possessory lien or English legal charge, is an elastic, hypothecatory security interest that has all the rights of recourse (jus exigendi) of an American lien-theory mortgage or English mortgage by way of legal charge, may also be taken over movable and/or immovable property alike, and must be perfected (i.e. registered). The types as set forth in the Civil Code are: hypothèques conventionnelles (art. 2681) - mortgage lien or legal charge (acting as a mortgage) hypothèque immobilière - American real estate mortgage (REM) or English mortgage of land hypothèque mobilière (art. 2702) - Australian personal property security (PPS) hypothèque mobilière sur une créance (art. 2710) - credit mortgage hypothèque ouverte (art. 2715) - American floating lien or English floating charge (in Europe, hypothèque ouverte refers to an open-end mortgage) hypothèques légales (art. 2724) - involuntary lien or equitable charge equivalent to the American tax lien, mechanic's or construction lien, home owner's association lien, and judgment lien. The Qc. Civ. Code also provides for another real security called a priorité, formerly known as a privilège (as it is still known in France, Louisiana, etc.), defined as follows: A preferential right allowing a creditor to rank prior to all other concurrent creditors, even prior secured creditors [...] (art. 2650) More specifically, a Quebec priorité is a non-possessory, indivisible, unregistrable (i.e. un-perfectable) real security arising by operation of law alone merely providing a priority right over the security subject. When attaching to movable property, this security interest most closely matches the hypothec as defined at the head of this article. The primary priorités correspond to the American vendor's lien, lien for court costs, municipal lien, and possessory lien (over movables). See also Security interest hypothecation Securities lending Eurohypothec Mortgage law Hypothecated tax External links Collateral Management article on Financial-edu.com References California Civil Code Section §2920. (a) A mortgage is a contract by which specific property, including an estate for years in real property, is hypothecated for the performance of an act, without the necessity of a change of possession. As Hypothicated RE: A developer/lot owner may hypothecate the lot for use by