The oath is the pinnus of Roman law, from which most modern European law in this area originates, but it is generally a characteristic of even the most elementary legal systems. It differs from the more common pledge and mortgage in that the pledge is in the possession of the secured creditor. [3] However, it is similar in that all three may apply to personal and real property. A pledge of personal property is called a pledge and that of real estate is called an antichresis. v. deposit personal property as collateral for a personal loan. If the loan is not repaid at maturity, the personal property pledged is forfeited to the lender. The property is called guarantee. Commitment is the same as pledge. 2) promise to do something. This is the question that media company employees are asking about their employers` promises of diversity and inclusion. Send sweetness to Harold and gently remind him of the oath and relics, of the contract and the promise. Voters fill out their name, address and telephone number and sign a pledge that they “commit to voting.” These sample phrases are automatically selected from various online information sources to reflect the current use of the word “promise.” The views expressed in the examples do not represent the views of Merriam-Webster or its editors.
Send us your feedback. “Pledge.” Merriam-Webster.com Dictionary, Merriam-Webster, www.merriam-webster.com/dictionary/pledge. Retrieved 1 August 2020. Two days after China`s announcement on export controls, ByteDance made a contrite promise to “strictly follow” the new rules. COMMITMENT, CONTRACTS. He who becomes security for another, and in this sense, whoever becomes a deposit for another, is a pledge. 4 Inst. 180 Com. Dig. b. See commitments.
I had to pawn Chapolet`s last pearl, but I knew Meg would buy it. And with new leadership in Washington, we will stand together and promise to listen to the American people. Britannica English: Translation of the pledge for Arabic speakers The pledged assets must be in the possession of a secured creditor. This can be achieved in two ways. The property may be in the actual possession of the lien holder, i.e. physical possession (for example, Mary keeps John`s stereo in her house). Otherwise, it may be in implied possession of the lien holder, meaning that the lien holder has some control over the property, which usually happens when actual possession is impossible. For example, a secured creditor has implied possession of the contents of a pawn vault in a bank if the lien holder gives him the only keys to the box. A pledge agreement specifies what is due, the assets to be used as collateral and the terms of satisfaction of the debt or obligation.
In a simple example, John asks Mary to borrow $500. Mary first decides that John must pledge his stereo as a guarantee that he will repay the debt by a certain date. In the law, John the promise and Mary the secured creditor are mentioned. The stereo system is called a pawn. As with any ordinary pledge agreement, possession of the pledged assets passes to the secured creditor. At the same time, however, ownership (or ownership) of the pledged assets remains the property of the secured creditor. John gives the stereo to Mary, but he still owns it legally. If John repays the debt in accordance with the contractual agreement, Mary must return the stereo. But if he doesn`t pay, she can sell him to pay off her debts. For the secured creditor, on the other hand, there is more than the obligation to take care of the assets of the secured creditor.
The secured creditor has the right to own and control all income accrued during the pledge period, unless otherwise agreed. These revenues reduce the amount of debt and the pledger is accountable to the secured creditor. In addition, the secured creditor is entitled to reimbursement of expenses incurred in maintaining, maintaining and protecting the property. Finally, it is not necessary for the secured creditor to remain a party to the pledge agreement for an indefinite period. It may sell or transfer its shares under the collateral agreement to a third party. However, the secured creditor must inform him that the pledge agreement has been sold or reassigned; Otherwise, she is guilty of conversion. Sometimes called bonding, a pledge is a form of security to ensure that a person is repaying a debt or performing an action under a contract. In a pledge, a person temporarily transfers possession of property to another party. Liens are typically used to secure loans, pledge property for money, and guarantee that contract work will be performed.
Each pledge consists of three parts: two separate parts, a debt or obligation and a pledge agreement. Privilege is quite old, but in contemporary U.S. law it is governed in most states by the secured transactions provisions of section 9 of the Uniform Commercial Code.