pledge

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pledge

1. Law a person who binds himself, as by becoming bail or surety for another
2. take or sign the pledge to make a vow to abstain from alcoholic drink

Pledge

 

in civil law, a means of securing the performance of obligations, whereby property of a certain value is transferred to a creditor. In the event that the debtor does not fulfill the obligation secured by the pledge, the creditor has the right to satisfy his claim from the value of the property pledged in preference to other creditors. In the USSR, obligations of both citizens and socialist organizations may be secured by pledges. A pledge may be provided for by law or by contract (a pledge contract must be concluded in writing). The object of a pledge may be any property subject to execution by law. Therefore, the fixed capital of state organizations, the seed and fodder of collective farms, of other cooperative organizations, and of associations of cooperative organizations, and the fixed assets and cultural and educational resources of trade unions and other public organizations may not be objects of a pledge.

In practice three types of pledges are used. In the so-called normal conventional pledge the pledger transfers the object of the pledge to the pledgee, for example, when a loan is made by a pawnshop. In a pledge of goods in circulation, by virtue of which the pledged property remains in the possession of the pledger, he has the right to realize this property on condition of simultaneously repaying the debt that was secured by the pledge or on condition of replacing the property with another of the same or greater value. In pledges on goods that are in the process of being manufactured, by virtue of which the pledged property remains in the possession of the pledger, the pledged property may be processed in the pledger’s enterprise. In this case, the statutory pledge extends to the products (semifinished goods, finished articles) that result from this processing. A pledge of goods in circulation and of goods that are in the process of being manufactured is used in securing the credit obligations of socialist organizations in connection with bank loans. The pledger is under obligation to ensure the safety of the pledge property.

E. G. POLONSKII

References in periodicals archive ?
The debt service reserve fund (DSRF) attributable to the loan to the CRAC is additionally secured by a moral obligation pledge of the Commonwealth of Virginia (the commonwealth).
All stadium loans are also backed by a parity pledge of the city's portion of the state shared gross receipts tax.
The complaint alleges that the Uzans and their co-conspirators, through their control of Telsim and another Uzan-controlled company, Rumeli Telefon (the pledge holder), induced Motorola and Nokia to make more than $3 billion in loans to Telsim with no intention of ever paying the two companies back.
After we kicked off the NYC Tour-a-Thon, we were overwhelmed by travel agents eager to make pledges.
Lineage raises the concepts of community, player interaction, and combat to new levels with the introduction of Blood Pledges -- strong alliances with friends and allies in the game world.
The city pledges to maintain coverage of at least 2.
The Web site also accepts on-line pledges or you can mail a pledge on a piece of scrap paper to: Texas Recycles Day, MC 113, P.
Pledge 1% plans to secure 1,000 new pledges in the next year, reaching 1,500 pledges by #GivingTuesday 2016, as a way to activate social impact in communities globally.
Virginity pledges among the willing: delays in first intercourse and consistency of condom use, Journal of Adolescent Health, 2008 (forthcoming).
In 2005, Americans filled out pledge cards at more than 900 America Recycles events nationwide and through the America Recycles Web site that were entered into the grand prize drawing.
For us, the take-home message is that virginity pledges were not associated with reduction of sexually transmitted infections (again, HIV was not measured here) in this large and fairly representative U.
Some Valley candidates who signed the pledge said they felt insulted that the mayor and Gross said their pledges were not to be trusted.