A product having emulsifying properties and of lecithin-like character, and containing carbon, hydrogen, oxygen, nitrogen and phosphorus is obtained by reacting a partial ester, obtainable by reacting at least one fatty acid having 10 to 26 carbon atoms with at least one polyhydric alcohol, with at least one polyalkanol-amine in such molar proportions as to yield a mixture of esters each containing at least one free hydroxyl group per molecule and then reacting said mixture with a polyfunctional phosphoric acid to yield a product containing a reactive hydrogen atom in the molecule. Alternatively, the fatty acid partial ester obtainable as above and which contains at least one free hydroxy group may be mixed with a separately prepared ester containing at least one free hydroxyl group and formed between at least one such fatty acid and at least one polyalkanolamine and the mixture of esters then reacted with a polyfunctional phosphoric acid. Also, commercially available esters of appropriate fatty acids with polyhydric alcohols and polyalkanolamines may be used directly for reaction with the polyfunctional phosphoric acid provided the esters each contain at least one free hydroxy group. Suitable fatty acids for use in the process are lauric, myristic, palmitic, stearic, oleic and undecylenic acid. Mixtures of such acids may be used and mixtures of fatty acids containing 10 to 26 carbon atoms with fatty acids containing fewer than 10 carbon atoms may be also used. Specified polyhydric alcohols are ethylene glycol, propylene glycol and glycerine and specified poly alkanolamines are triethanolamine and tri-isopropanolamine. The polyfunctional phosphoric acid is suitably ortho-or pyro-phosphoric acid. Other physiologically acceptable inorganic and/or organic acids or derivatives thereof, e.g. boric, citric, or tartaric acid or derivatives of titanic acid e.g. titanium dioxide, titanium oxychloride or a titanium ester, may be used together with the phosphoric acid.  The esterification with the polyhydric alcohols and with the polyalkanolamines is preferably carried out at elevated temperature with stirring whilst the esterification with the phosphoric acid may be effected with stirring after the initial ester mixture has cooled. The products have valuable emulsifying properties (see Divisions A2 and B1).ALSO:A water-fat emulsion contains as emulsifying agent a lecithin-like product containing carbon, hydrogen, oxygen, nitrogen, and phosphorus obtained by reacting a partial ester, obtainable by reacting at least one fatty acid having 10 to 26 carbon atoms with at least one polyhydric alcohol, with at least one polyalkanolamine in such molar proportions as to yield a mixture of esters each containing at least one free hydroxyl group per molecule and then reacting such mixture with a poly-functional phosphoric acid, e.g. ortho- or pyro-phosphoric acid, if desired in the presence of a physiologically acceptable acid or derivative thereof, e.g. boric, citric, or tartaric acid or a derivative of titanic acid, to yield a product containing a reactive hydrogen atom in the molecule (see Division C2).  Alternatively, the fatty acid partial ester may be mixed with a separately prepared ester containing at least one free hydroxyl group and formed from a C10-C26 fatty acid and at least one polyalkanolamine and the mixture of esters then reacted with the phosphoric acid. Suitable fatty acids are lauric, myristic, stearic, palmitic, oleic and undecylenic acids, specified polyhydric alcohols are ethylene and propylene glycols and glycerine, and specified alkanolamines are triethanolamine and triisopropanolamine.ALSO:A food additive of lecithin-like properties, useful in preparing fat emulsions, is obtained by reacting at least one polyalkanolamine with a partial ester which is a reaction product of at least one fatty acid having 10 to 26 carbon atoms and at least one polyhydric alcohol, the proportions being such as to yield a mixture of esters each containing at least one free hydroxyl group per molecule, and then reacting such mixture with a polyfunctional phosphoric acid, e.g. ortho- or pyro-phosphoric acid, if desired in the presence of a physiologically acceptable acid or derivative thereof, e.g. boric, citric, or tartaric acid, or a derivative of titanic acid, to yield a product containing a reactive hydrogen atom in the molecule (see Division C2). Alternatively, the product may be prepared by mixing the fatty acid partial ester with a separately prepared ester containing at least one free hydroxyl group and formed from a C<ta>10</te>-C<ta>26</te> fatty acid and at least one polyalkanolamine and then reacting the mixture with the polyfunctional phosphoric acid.  Specified fatty acids are lauric, myristic, stearic, palmitic, oleic and undecylenic acid; specified polyhydric alcohols are ethylene and propylene glycols, and glycerol; specified alkanolamines are triethanolamine and triisopropanolamine.