(5) transferable proprietary rights consisted in intellectual property such as the right to the exclusive use of registered trademarks, patent rights, and copyrights; (6) exis ng and a er-acquired accounts receivables; and (7) other proprietary rights that may be pledged in accordance with the provisions of laws and administra ve regula ons. Ar cle 441 Unless otherwise provided by law, a pledge on a bill of exchange, promissory note, check, bond, cer cate of deposits, warehouse receipt, or bill of lading is created at the me when the cer cate of such a right is delivered to the pledgee, or, in the absence of such a cer cate, at the me when the pledge is registered. Ar cle 442 Where the maturity date for the payment or the delivery of goods against a pledged bill of exchange, promissory note, check, bond, cer cate of deposits, warehouse receipt, or bill of lading precedes the due date of the principal claim, the pledgee may cash the cer cate or take delivery of the goods, and, upon agreement with the pledgor, apply the purchase price or the goods accepted to discharge the obliga on before it is due or place it in escrow. Ar cle 443 A pledge on fund shares or equity is created upon registra on of the pledge. The fund shares or equity, a er being pledged, may not be transferred unless otherwise agreed by the pledgor and the pledgee through consulta on. The proceeds obtained by the pledgor from the transfer of the pledged fund shares or equity shall be applied to pay to the pledgee to discharge the obliga on before it is due or be placed in escrow. Ar cle 444 A pledge on a proprietary right in intellectual property, such as the right to the exclusive use of a registered trademark, a patent right, or copyright, is created upon registra on. A proprietary right in intellectual property, a er being pledged, may not be transferred or licensed by the pledgor to another person, unless otherwise agreed by the pledgor and the pledgee through consulta on. The proceeds obtained by the pledgor from the transfer or licensing of the proprietary right in the pledged intellectual property shall be applied to pay to the pledgee to discharge the obliga on before it is due or be placed in escrow. Ar cle 445 A pledge on an account receivable is created upon registra on. An account receivable, a er being pledged, may not be transferred unless otherwise agreed by the pledgor and the pledgee through consulta on. The proceeds obtained by the pledgor from the transfer of the account receivable shall be applied to pay to the pledgee to discharge the obliga on before it is due or be placed in escrow. Ar cle 446 In addi on to the provisions of this Sec on, the relevant provisions of Sec on 1 of this Chapter shall be applied to the pledge on rights. Chapter XIX Lien Ar cle 447 Where a debtor fails to perform his obliga on due, the creditor may retain the debtor’s movable property which is already in the lawful possession of the creditor and has priority to be paid from the movable property. The creditor as speci ed in the preceding paragraph is the lienholder, the movable property in his possession for this purpose is the property under lien. Ar cle 448 The movable property retained under a lien by the creditor shall be in the same legal rela onship as the underlying claim, unless the lienholder and the debtor are both enterprises. Ar cle 449 The movable property that may not be retained under a lien as provided by law or agreed by the par es may not be so retained. ti ti ti fi ti ti ti ti ti ti ti ti ti ti fi ti fi ti ti ti fi ti ft ti ti ft ft fi ti ft ti ti ti fi ti ti ti ti ti ti ti ti ti ti ti 49