pledge


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Related to pledge: Pledge of Allegiance

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 It might be outdated or ideologically biased.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 ?
In this treatment, we disclose both the earlier pledge and the total need to the participants.
The chief administrator of the entries into the Pledge Register is the Chamber of Notaries, with whose cooperation the e-pledge system has been established.
In remarks to dedicate the Saudis-in-Sudan allegiance pledges, the ambassador forwarded, in his own name and on behalf of all Saudis in Sudan, the felicitations and allegiance pledges to Prince Muqrin bin Abdulaziz Al Saud as Deputy Crown Prince and Second Deputy Premier, wishing him every success in the service of the religion, king, and nation and Saudi Arabia every stability and security under its wise leadership.
That subscription rate seems "paltry," according to a recent report by Wealth-X, which set out to analyze why only a little more than 5% of the world's 2,170 billionaires have signed the pledge. (The population estimate was published by UBS and Wealth-X Billionaire Census.)
Charles Johnson: $250 million pledge, Yale University
2) I pledge to stop offering a period of time to meet people.
It was the council's first recitation of the pledge since councilors voted 6-2 on June 27 in a nationally covered decision to say the pledge at its meetings closest to four patriotic holidays each year: the Fourth of July, Veterans Day, Memorial Day and Flag Day.
The pledge is a statement to be memorised and recited by learners from primary to senior secondary schools with the central message of encouraging learners to take their studies seriously.
The head of Illinois-based global insurance brokerage, Gallagher, has signed a pledge to advance diversity and inclusion within the workplace.
'The pledge to institute mechanisms for delivery of public services in Gewogs and Thromdes through one-stop shops remains unfulfilled as no tangible actions were seen to be taken,' states the press release.
Similarly, Anil Agarwal has pledged almost entire promoter holding to keep Sterlite Technologies running while promoters of GMR Group also seems to have been left with no option but to pledge over 82 per cent of promoter holding.