Where a debtor or a third person, in order to secure the performance of an obligation, mortgages his property to the creditor without relinquishing the possession of the property, the creditor has priority to be paid from the collateral if the debtor fails to perform his obligation due or an event upon the occurrence of which the security interest in the collateral is to be enforced as agreed by the parties occurs.
The debtor or the third person as specified in the preceding paragraph is the mortgagor, the creditor is the mortgagee, and the collateral mortgaged to secure the claim is the mortgaged property.
The following property, which the debtor or a third person is entitled to dispose of, may be mortgaged:
(1) buildings and other things attached to the land;
(2) the right to use a lot of land for construction purposes;
(3) the right to use the sea areas;
(4) production equipment, raw materials, work in process, and finished products;
(5) buildings, vessels, and aircraft under construction;
(6) vehicles for transport; and
(7) any other property not prohibited by laws or administrative regulations from being mortgaged.
A mortgagor may mortgage the property listed in the preceding paragraph concurrently.
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