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

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 real power of Pledge 1% is that it inspires companies to bake corporate philanthropy into their business model from day one," said Scott Farquhar, co-CEO and co-founder, Atlassian.
htm) PHOTOS OF BILLIONNAIRES WHO JOINED THE GIVING PLEDGE
The Gittlers have taken their America Recycles Day pledge to heart.
Selfe, Maloof argued his pledge of stock constituted an economic outlay Finally, he suggested the transaction be recharacterized as a personal loan he made to Level Propane.
Circuit Court of Appeals declaring public school recitation of the Pledge unconstitutional.
Circuit Court of Appeals, which in 2002 ruled in favor of Sacramento atheist Michael Newdow that the pledge is unconstitutional when recited in public schools.
adolescents when they were young adults (ages 18-24), and found that adolescent virginity pledges were not associated with lower rates of several sexually transmitted infection--even though they were associated with several behavior changes that would have seemed to be protective.
IBM intends for this pledge to form the basis of an industry-wide "patent commons" in which patents are used to establish a platform for further innovations in areas of broad interest to information technology developers and users.
For decades, however, THE NEW AMERICAN has not only kept this important congressional power in front of our readers, but has repeatedly recommended its use for curbing federal court usurpations on issues ranging from abortion to the Pledge of Allegiance.
Last year, the Ninth Circuit Court of Appeals--one of 13 appeals courts, which are the last stop before the Supreme Court for cases coming through the federal court system--ruled in Newdow's favor that the addition of "under God" turned the pledge into a "profession of religious belief" and made it constitutionally unsuitable for daily recitation in the public schools.
Supreme Court to overturn a lower court's ruling last spring that the phrase "one nation under God" in the pledge violates separation between church and state when recited in public schools.
Since we had become so well-programmed reciting the pledge in years past, it took a bit of effort to remember where to fit in these few words that today are causing so much upheaval.