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

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 ?
It is a hedge fund that is open to new investors, but they must be accredited and qualified as defined by the SEC, Pledger said.
It's easy to fall into the trap of relying too heavily on one or two clients," Pledger says.
Pledger noted that aircraft are "built to withstand gun fire .
But the DIRCM system is not solely a countermeasures system; it also includes its own ultraviolet missile warner: the AN/AAR-54, which Pledger claimed is the only missile warner with the requisite threat-declaration range and angle-of-arrival accuracy for a DIRCM system.
In the closing minutes both teams created several chances, the best of which fell to Corby's substitute Andrew Ferrie, but Pledger made a double save to earn his team a share of the spoils.
Wayne Mattson, CBA, of FaciliCom and Suzanne Pledger, CCE, of Digex were recently named to NACM National Capital Region (NCR) Board of Directors.
STEVEN PLEDGER, 32, of Auldearn, near Nairn, suffered head injuries when his vehicle left the road near his home.
Park House Club owner Adam Pledger with his stock of fine wines
Christopher Pledger, chief operating officer and general counsel of Westrock Asset Management.
Students who recently passed the Oregon Music Teachers' Association's Level X Syllabus Piano Test include Christina Lu, a senior at South Eugene High School; Isaac Meyer, a junior at Sheldon High; Erica Pledger, a junior at South Eugene High; and Kirk Lange, a sophomore at South Eugene High.
As the NRL fever rages on, Corey Thompson of Canterbury Bulldogs opens up the tragic incident related to the death of his closest friend, Daniel Pledger.