pledge

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Related to pledged: Pledged Assets

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 ?
1259) of the pledged stock to the investment bank, because the taxpayer (1) retained the right to vote the stock and receive dividends and (2) had the right to reacquire the shares on the settlement date by delivering cash or other shares to settle the VPF.
Fitch's gross coverage calculation (which does not net series payments or interest earnings from pledged revenues and debt service, and as such is a more conservative calculation than that defined in the master resolution) indicates that senior debt service coverage at its lowest point will be about 1.
Including the pledged federal revenues, coverage rises to 6.
GGRT revenues, which are also pledged to senior bondholders, currently add 0.
Additional transportation revenues may be pledged to the bonds with future issuances and included in additional bonds test calculations to a maximum of 5% of pledged revenues.
25% sales surtax on tickets and purchases within the stadium, all of which are pledged to bondholders.
The pledged taxes have skyrocketed during the recent period of low mortgage rates.
The tribe is also the sole shareholder in the three enterprises (collectively, the enterprises) from which the majority of pledged revenues for the bonds are generated.
The 'AA' rating on Jacksonville's excise tax revenue bonds is based on sound debt service coverage from pledged revenues, solid legal provisions, and the general credit characteristics of the city of Jacksonville, including a diverse and stable economy and historically sound financial position.
The 'AA-' rating reflects satisfactory coverage of debt service by pledged revenues of 2.
The 'AA' rating for CIEDB's ISRF bonds is due primarily to the significant amount of overcollateralization provided for the bonds in the form of pledged loan receipts, which are currently projected to provide a minimum 1.