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 ?
Enforcement of share pledges is not unusual in Qatar, and Courts in Qatar will order the sale of the shares if the outstanding debt is proven and the pledge has been properly created.
America Recycles also awarded five Trek bicycles made with recycled aluminum frames to young people who completed pledge cards, including Brendan Nelson of Connecticut; Lindsey Martin of Michigan; Melvin Patrick Pearsall of Florida; Julianna Foglio of California; and Mary Ellen Bennett of South Carolina.
We suspect that the 13% were not lying or forgetful; rather the wording of the questionnaire did not allow them to report the real situation, that they had taken a pledge but abandoned it.
Hahn and Gross spoke at a news conference in Sherman Oaks after 101 of the 111 candidates for mayor or council in the proposed city signed a pledge to keep Los Angeles' rent control ordinance after being elected.
Rosenbaum JE, Reborn a virgin: adolescents' retracting of virginity pledges and sexual histories, American Journal of Public Health, 2006, 96(6):1098-1103.
NORTH HOLLYWOOD - Answering anti-secession critics, the San Fernando Valley Independence Committee announced Tuesday that 90 percent of candidates for mayor and city council in the proposed new city have signed a pledge to support rent control.
SYLVANIA, the North American lighting leader, today announced the largest pledge commitment to date for the ENERGY STAR([R]) Change a Light, Change the World campaign, which encourages Americans to change one light bulb in their home to an ENERGY STAR compact fluorescent bulb, helping preserve energy resources and the environment.
Mayor Jo Anne Darcy was the first to raise her hand and pledge several ``simple promises'' that would tailor her daily life around protecting the environment.
The security provided by the board's back-up pledge remains strong despite increases in debt issuance.
Shoppers who take part in the day's activities will receive a copy of "SIMPLE PLEDGES: Building Blocks for Healthy Living", a 10-chapter book packed with useful tips, healthy recipes, and examples of simple pledges people of all ages can make.
As a result of continuing employee participation, the company has been able to raise more than $2 million in pledges for the last three years, said Fred Abdelnour, the company's Southern California community relations manager.
Nonetheless, the board's resources with which to meet its debt service reserve fund make-up pledges remain well in excess of the total bond par covered.