Pledge (name) = a binding obligation to do or give something or refrain from depositing personal property as collateral for a personal loan. If the loan is not repaid at maturity, the personal property pledged is forfeited to the lender. The property is called guarantee. Commitment is the same as pledge. 2) promise to do something. (See: Farmers) The main difference between Roman law and English law is that certain things (e.g. clothing, furniture and tillage implements) could not be pledged in Roman law, whereas there is no such restriction in English law. In the case of a pledge, special property is transferred to the secured creditor sufficiently to maintain an action against an offender, but the general property, i.e. the property that is the subject of the pledge, remains in the privilege. [3] The oath is the Pignus of Roman law, from which most modern European law on the subject comes, but it is generally a feature of even the most elementary legal systems. It differs from the more common pledge and mortgage in that the pledge is in the possession of the secured creditor. [3] However, it is similar in that all three may apply to personal and real property.
A pledge of personal property is called a pledge and that of real estate is called an antichresis. A pledge is a deposit that transfers ownership of a debtor`s assets (the secured creditor) to a creditor (the secured creditor) to ensure repayment of a debt or obligation and for the mutual benefit of both parties. [1] [2] The term is also used to refer to property that constitutes a security right. [3] The pledge is a kind of security. Commitments are different from sales. In a sale, ownership and ownership of the property are permanently transferred to the buyer. In the case of a pledge, only possession is transferred to a second party. The first party retains ownership of the property in question, while the second party takes possession of the property until the terms of the contract are respected. The second party must also have a lien – or legal claim – over the property in question. If the conditions are not met, the second party can sell the property to pay off the debt. Any excess profit from the sale must be paid to the debtor or the first party. However, if the sale does not cover the amount of the debt, legal action may be necessary.
In the case of pledges, both parties have certain rights and obligations. The pledge contract represents only one sentence: the conditions under which the debt or obligation is performed and the pledged assets are returned. On the one hand, the rights of the secured creditor extend to the custody and protection of his property as long as it is in his possession. The property may not be used without permission, unless the use is necessary for its conservation, for example for the practice of a live animal. Unauthorized use of the property is called conversion and may make the secured creditor liable for damages; therefore, Mary should not use John`s stereo while she owns it. Commitment (name) = a drink in honor or health of a person or event In earlier medieval law, especially in Germanic law, there were two types of pledge, which were either possessory (cf. Old English wed, Old French gage, Old High German wetti, Latin pignus depositum), i.e. given from the beginning, or without possession (cf. OE bād, OFr nam, nant, OHG pfant, L pignus oppositum), i.e.
seized on the due date, from which essentially follows the legal principle of seizure. This distinction persists in some systems, such as French jage vs. pledge and Dutch vuistpand vs. stil pand. Symbolic (symbolic) reciprocal privileges were often included in official ceremonies to cement agreements and other transactions. Gage (noun) = someone who has been accepted as a member but has not yet been fully accepted into the group Gage (verb) = pay (a sum of money) as a contribution to a charity or service, especially periodically Since the lien benefits both parties, the lien holder is required to exercise only the usual care on the pledge. The secured creditor has the right to sell the pledge if the pledge is not made at the agreed time. After an illegal sale, no owner is guaranteed to a third-party buyer, except for goods such as money or negotiable securities. In all other cases, this person must prove that he is a bona fide buyer, at (good) value, without notice (BFP).
In the case of certain types of property, as defined in the detailed laws of the jurisdiction, this new owner (BFP) must first have consulted (prior to purchase) from where no other owner emerges, and then made a public announcement or entered his title in a court-approved register before the pound. Following an illegal sale by a secured creditor (for example, if the pledgee has followed its payment schedule and has the right to buy back the goods if it continues to do so), the pound cannot recover the lien without an offer of (full payment) of the amount due (secured by the pledge). [3] This contrasts with general mortgage law, where most mortgagees can invoke a cause of action (claim) for an illegal sale in order to return the property to their eligible property, provided they uncover arrears – the pledged property must be in the possession of a secured creditor. This can be achieved in two ways. The property may be in the actual possession of the lien holder, i.e. physical possession (for example, Mary keeps John`s stereo in her house). Otherwise, it may be in implied possession of the lien holder, meaning that the lien holder has some control over the property, which usually happens when actual possession is impossible. For example, a secured creditor has implied possession of the contents of a pawn vault in a bank if the lien holder gives him the only keys to the box. Insurance, pledge, toast, distress, drink, hie, wassail, draw A pledge specifies what is due, the property to be used as collateral, and the conditions for satisfying the debt or obligation.
In a simple example, John asks Mary to borrow $500. Mary first decides that John must pledge his stereo as a guarantee that he will repay the debt by a certain date. In the law, John the promise and Mary the secured creditor are mentioned. The stereo system is called a pawn. As with any ordinary pledge agreement, possession of the pledged assets passes to the secured creditor. At the same time, however, ownership (or ownership) of the pledged assets remains the property of the secured creditor. John gives the stereo to Mary, but he still owns it legally. If John repays the debt in accordance with the contractual agreement, Mary must return the stereo. But if he doesn`t pay, she can sell him to pay off her debts. For the secured creditor, on the other hand, there is more than the obligation to take care of the assets of the secured creditor. The secured creditor has the right to own and control all income accrued during the pledge period, unless otherwise agreed. These revenues reduce the amount of debt and the pledger is accountable to the secured creditor.
In addition, the secured creditor is entitled to reimbursement of expenses incurred in maintaining, maintaining and protecting the property. Finally, it is not necessary for the secured creditor to remain a party to the pledge agreement for an indefinite period. It may sell or transfer its shares under the collateral agreement to a third party. However, the secured creditor must inform him that the pledge agreement has been sold or reassigned; Otherwise, she is guilty of conversion. Sometimes called bonding, a pledge is a form of security to ensure that a person is repaying a debt or performing an action under a contract. In a pledge, a person temporarily transfers possession of property to another party. Liens are typically used to secure loans, pledge property for money, and guarantee that contract work will be performed. Each pledge consists of three parts: two separate parts, a debt or obligation and a pledge agreement. Privilege is quite old, but in contemporary U.S. law it is governed in most states by the secured transactions provisions of section 9 of the Uniform Commercial Code. Pledge (name) = deposit of personal property as security for a promise of debt, contracts.
He who becomes security for another, and in this sense, whoever becomes a deposit for another, is a pledge. 4 Inst. 180 Com. Dig. b. See commitments. The laws of Scotland and the United States are generally identical to those of England with regard to pledges. The main difference is that in Scotland and Louisiana, a pledge can only be sold with a judicial authority. In some U.S. states, the common law as it existed alongside the Factors Acts is still followed; In others, the postman has a more or less limited power to award a security by pledge. [3]. The deposit or delivery of personal property to a creditor as security for a debt or the performance of an act.
Source: Merriam-Webster`s Dictionary of Law ©, 1996. Licensed with Merriam-Webster, Incorporated.
