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 ?
This has made companies with high level of pledged share riskier for investors," said Mayuresh Joshi of Angel Broking.
CONTINUED SOLID COVERAGE: The ratings are sensitive to ongoing maintenance of solid coverage by pledged revenues.
The country also pledged to ensure safety and security in the high seas so that global trade, connectivity and all businesses can thrive unhindered and unfettered.
The key elements include (a) where the pledged property is not in existence, the expected description, approximate date of existence and approximate value of the pledged property should be specified; (b) the general description, amount or maximum limit of the secured debt should be specified; and (c) the due date or expected due date of the secured debt should be specified.
"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.
Specific types of restricted or pledged assets include those subject to repurchase and reverse purchase agreements, those pledged as collateral are placed under option agreements and letter stock or securities restricted as to sale (deposits with States are excluded).
As of October 2007, international donors have pledged about $16.4 billion in support of Iraq's reconstruction since 2003.
The final regulations provide that a disregarded entity's net value equals the fair market value (FMV) of all its assets that may be subject to creditors' claims under local law, including enforceable rights to contributions from its owner, but excluding its interest in the partnership for which the net value is being determined (if any) and the FMV of property pledged to secure a partnership liability (already taken into account under Regs.
The odds also were about doubled for youth reporting only ore sex partner (1.9) and for teenagers who said in Wave 2 that they recently had been born again (2.0); they were more than doubled among respondents who reported in Wave 1 having pledged to remain abstinent until married (2.4) and those who reported in Wave 2 having recently taken such a pledge (3.9).
As additional collateral, Maloof pledged all his shares of Level Propane and a $1 million life insurance policy.
In order to establish a securities-based loan, your portfolio is pledged to a lending institution as collateral.
In this large, long-term study, adolescents who consistently' pledged virginity (about 7% of the 11,000, or 777 individuals) did have more behaviors that would be expected to be protective--fewer partners, fewer risky partners, and delayed age of first sexual experience, with 25% of men and 21% of women being virgins at age 25 (compared to 7% and 6% for non-pledgers).