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
Collins Discovery Encyclopedia, 1st edition © HarperCollins Publishers 2005
The following article is from The Great Soviet Encyclopedia (1979). It might be outdated or ideologically biased.

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

The Great Soviet Encyclopedia, 3rd Edition (1970-1979). © 2010 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
The head of Illinois-based global insurance brokerage, Gallagher, has signed a pledge to advance diversity and inclusion within the workplace.
Meanwhile, out of the four pledges, where the government has pledged to establish, DPT stated that only the tourism development board is put in place and could be rated as partially achieved.
China accounted for as much as 52.6 percent of total foreign investment pledges approved in the October to December 2018 period, and 28.3 percent of total foreign pledges in the whole of 2018.
The problem becomes a lot more acute, said Joshi, in the case of mid-cap and small companies or where the share of the promoter pledge is more than 80 per cent of the promoter holding.
In the first nine months of the year, foreign investment pledges rose 8.2 percent to P91 billion from P84.1 billion in the same period last year.
BOI Managing Head and Trade Undersecretary Ceferino Rodolfo told reporters last week that the total value of pledges was only around P100 billion short of the target.
Registration of pledges (where applicable) under the Commercial Pledge Law are required to be registered at the Unified Register of Commercial Pledges or if there is a special register for a type of asset (e.g.
State executive councillor Jagdeep Singh Deo said the pact made a total 68 election pledges, but did not have a fulfilment timeline.
The comment to subsection (4) acknowledges that charitable pledges are, from a contractual standpoint, somewhat of an enigma.
Pledges are coded and matched with government actions by teams of trained research assistants.
"The stock market slide since March 2016, which became more pronounced after demonetisation, might have triggered margin calls on promoter pledges and, therefore, the percentages of pledged shares have gone up," adds Modi.
Dubai -- Aster DM Healthcare, which set out to get individuals from across the globe to take a pledge towards good health through its 'My Health My Pledge' initiative, has recorded over 190,000 pledges, an official attempt for setting a new Guinness World Record from the region.