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Pledge in United Kingdom

Meaning of Pledge

The following is an old definition of Pledge [1]: A bailment of personal property as a security for some debt or engagement. A deposit of personal property as security, with an implied power of sale upon default. The thing itself thus deposited or bailed. Pledgee. He who receives a pledge; a pawnee. Pledgor; pledger. He who delivers a pledge; a pawnor. A ” mortgage ” of a chattel is a conveyance of the legal title upon condition, and becomes absolute at law if not redeemed by a given time. A ” pledge ” is a deposit of goods, redeemable on certain terms, with or without a fixed period for redemption. In a pledge the general property does not pass, as in the case of a mortgage, and the pawnee has only a special property in the thing. He must choose between two reiriedies: a bill in chancery for a judicial sale under a decree of foreclosure, or a sale without iudicial process, on the refusal of the debtor to redeem, after reasonable notice to do so.5 Delivery of the thing is essential to the completion of the contract. When possession is retained by the pledgor the contract is an hypothecation, see, in this resource, the term The pledgee of bills receivable may hand them back to the debtor for collection, or to be replaced by others; and collections made thereon are for the pledgee. When the pledgee parts with the pledge to a bona fide purchaser (without notice of any right in the pledgor), the pledgor cannot recover against such purchaser without first tendering him the amount due. The possession which is essential need not be actual: it may be constructive; as, where the key of a ware house containing the property is delivered, or a bill of lading is assigned. In such case, the act done will be considered as a token, standing for an actual delivery. It puts the property under the control of the creditor.Where there is no express agreement, the intention of the parties, as to the mode by which the security shall be converted into money, must be implied from the nature of the property pledged and the circum- stances of the transaction. See Bailment; Condition; Factor; Foreclosure Mortgage; Pawn; Redeem; Replevin; Security, 1, Compare Pignus; Vadium.


Notes and References

  1. Concept of Pledge provided by the Anderson Dictionary of Law (1889) (Dictionary of Law consisting of Judicial Definitions and Explanations of Words, Phrases and Maxims and an Exposition of the Principles of Law: Comprising a Dictionary and Compendium of American and English Jurisprudence; William C. Anderson; T. H. Flood and Company, Law Publishers, Chicago, United States)

Concept of Borgh, Borg

Traditional meaning of borgh, borg [1] in the Saxon law history: A pledge; a surety. Borghbrech: breach of the mutual pledge existing among the members of a tithing for their good behavior.

Note: For more information on Saxon Law history, see here.


Notes and References

  1. Based on A concise law dictionary of words, phrases and maxims, “Borgh, Borg”, Boston: Little, Brown, and Company, 1911, United States. This term is absolete. It is also called the Stimson’s Law dictionary, based on a glossary of terms, included Borgh, Borg.

See Also

Law is our Passion

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(2020, 06). Pledge lawi.org.uk Retrieved 07, 2021, from https://lawi.org.uk/pledge/

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"Pledge" lawi.org.uk. 06, 2020. Accesed 07 2021. https://lawi.org.uk/pledge/

Michael Mann, 'Pledge' (lawi.org.uk 2020) <https://lawi.org.uk/pledge/> accesed 2021 July 26

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Schema Summary

  • Article Name: Pledge
  • Author: Michael Mann
  • Description: Meaning of Pledge The following is an old definition of Pledge [1]: A bailment of personal property as a security for some [...]

This entry was last updated: June 12, 2020


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