A pledge is a bailment that conveys title to property owned by a debtor (the pledgor) to a creditor (the pledgee) to secure repayment for some debt or obligation and to the mutual benefit of both parties.[1][2] The term is also used to denote the property which constitutes the security.[3] The pledge is a type of security interest.[4][5] Pledge is the pignus of Roman law, from which most of the modern European-based law on the subject is derived, but is generally a feature of even the most basic legal systems.[3] A pledge of personal property is known as a pawn.
- ^ Joseph Story, Story on Bailments, 286.
- ^ Black, Henry C. (1990). Black's Law Dictionary. St. Paul, Mn.: West Publishing. pp. 1153. ISBN 978-0314151995.
- ^ a b One or more of the preceding sentences incorporates text from a publication now in the public domain: Chisholm, Hugh, ed. (1911). "Pledge". Encyclopædia Britannica. Vol. 21 (11th ed.). Cambridge University Press. p. 835.
- ^ "Security Interests under Pledge Agreements" (PDF). The Yale Law Journal Editorial Board. 51 (3): 431–447. 1942. doi:10.2307/792194. JSTOR 792194 – via Yale Database.
- ^ "Pledge". LII / Legal Information Institute. Retrieved 2022-03-17.
