text: England a mortgagee becomes a conditional owner of the property mortgaged to 1/ As to the use of cautionnement, garantie and fianza as the name of a nominate contract, see footnote 1. A special use of caution and cautionnement is to denote the security which public officials and company directors must provide for the performance of their duties. In the case of company directors, this sometimes takes the form of the ownership and deposit by the director of a specified number of shares in the company; these shares are called qualification shares in England. 4/ Pledge should always be used where the reference is to the nominate contract in the abstract, called nantissement or gage in Belgium and France, gage in Switzerland and prenda in Chile, Mexico and Spain; e.g. le contrat de nantissement, el contrato de prenda- 1/ OCL hypothec, mortgage. Jowitt mortgage. Amos 123. - 1160 - him, but not its possessor (unless he forecloses, in which cases he becomes both absolute owner and possessor), whereas the hypothécaire gains neither ownership nor possession of the mortgaged property unless he enforces the mortgage. The essential difference between a mortgage and a pledge is that in the former the debtor retains possession of the property and in the latter he parts with it. Property of all kinds can be mortgaged but only movables, tangible or otherwise, can be pledged. Property of all kinds can be charged. Lastly, the terms privilège and privilegio should be translated as prior charge; they are often translated as lien, but privilèges and privilegios can exist over immovables as well as movables, whereas liens can only exist over goods. 1/ ¿/ Martin lien. - 1161 - Note 12 CO-OWNERSHIP, SHARED OBLIGATIONS The question of shared ownership of a thing or shared possession of a 
analysis: The text appears to be discussing financial concepts and legal terminology related to mortgages, pledges, and charges, which are all economic and financial concepts. The text also mentions company directors and public officials, which suggests a connection to business and commerce.