As established, the mortgage is directly linked to a specific obligation and asset. When the debt it guarantees is structured in installments and documented through separate instruments, these can be registered alongside the mortgage deed, identifying the corresponding contract and its date. The issuance of such documents is also recorded.
This type of instrument combines the negotiability of promissory notes with the legal strength of real collateral. It allows standard operations such as endorsement and discounting, and when the credit is transferred, the associated guarantee is transferred as well, with full effect against third parties, without requiring a new public deed or additional registration procedures. Despite these advantages, its use within banking practice has not been as widespread as might be expected.
Pledge
In the same way that long-term bank loans are typically secured by mortgages, medium-term operations most commonly rely on the pledge. Within investment financing, it is almost universally used for the acquisition of equipment. Although it can be constituted over various goods or rights, its most frequent application involves movable assets, often acquired through the same credit being secured.
Its use is extensive in financing vehicles, household goods, machinery, and also inventories, securities, and other assets. Given that the nature of the investment determines the financing structure, medium-term loans—generally amortized in installments—are particularly suited to this type of guarantee, though it is also applied in some short-term operations. It provides preferential rights over the encumbered asset, similar to a mortgage, but with lower formal, execution, and cost requirements.
In its original form, the pledged asset remained in the possession of the creditor, known as a possessory pledge. This modality has largely disappeared from general financial operations, except in specific cases involving negotiable instruments. The most widely used form today is the non-possessory or registered pledge, in which the asset remains with the debtor, bringing it conceptually closer to a mortgage.
The pledge may be constituted over individually identified, non-substitutable assets or over goods—particularly inventories—that must maintain defined characteristics such as quantity and quality but may be replaced over time. These forms are commonly distinguished as fixed and floating pledges.
Inventory-based lending is more developed in other markets than in Argentina. It is typically applied to specific portions of inventory and often linked to agricultural activities. These operations usually involve conservative lending conditions, including high collateral margins, insurance requirements, and ongoing verification of stock levels.
In Argentina, the duration of floating pledges is legally limited, generally to short-term periods. Although it is possible to extend financing through successive renewals, administrative complexity and cost tend to restrict their use to short-term credit operations.