Security interest is extinguished under any of following circumstances: (1) The principal claim is extinguished. (2) The security interest is exercised. (3) The creditor waives the security interest. (4) Any other circumstance where security interest shall be extinguished as provided for by any law. 有下列情形之一的，担保物权消灭： （一） 主债权消灭； （二）担保物权实现； （三）债权人放弃担保物权； （四）法律规定担保物权消灭的其他情形。 Where, before the expiration of the term for performing obligations, the mortgagee agree with the mortgagor that the mortgaged property shall belong to the creditor when the debtor fails to pay the due debt, the creditor may only have the priority of compensation made from the mortgaged property. 抵押权人在债务履行期限届满前，与抵押人约定债务人不履行到期债务时抵押财产归债权人所有的，只能依法就抵押财产优先受偿。