What is pledge explain?

What is pledge explain?

noun. a solemn promise or agreement to do or refrain from doing something: a pledge of aid; a pledge not to wage war. something delivered as security for the payment of a debt or fulfillment of a promise, and subject to forfeiture on failure to pay or fulfill the promise.

What is pledge and its types?

A pledge is a bailment that conveys possessory title to property owned by a debtor (the pledgor) to a creditor (the pledgee) to secure repayment for some debt or obligation and to the mutual benefit of both parties. The pledge is a type of security interest.

What is pledge in law of contract?

As per section 172 of the Indian Contract Act, 1872, a Pledge is a contract where a person deposits an article or good with a lender of money as security for the repayment of a loan or performance of a promise. Pledge is also known as a pawn.

What is pledge Indian law?

‘Pledge’, ‘pawnor’ and ‘pawnee’ defined. —The bailment of goods as security for payment of a debt or performance of a promise is called ‘pledge’. The bailor is in this case called the ‘pawnor’. —The bailment of goods as security for payment of a debt or performance of a promise is called ‘pledge’.

What are the duties of pledge?

1. Right to get back goods- The pawnor has a right to get back his goods pledged on the performance of the promise or repayment of loan and interest, if any. 2. Preservation and maintenance of goods- The pawnor has a right to see that the pawnee like bailee, preserves the goods pledged and properly maintains them.

What is pledge and bailment?

Bailment means a delivery of goods from one person to another for a special purpose. Whereas Pledge means delivery of goods as security for the payment of debt or performance of a promise. Therefore, Bailment & Pledge are two different contracts.

What is Pledge and bailment?

What are rights of Pawnor?

What is a pledged asset?

A pledged asset is collateral held by a lender in return for lending funds. Pledged assets can reduce the down payment that is typically required for a loan as well as reduces the interest rate charged. Pledged assets can include cash, stocks, bonds, and other equity or securities.

What does pledge stand for?

The Pledge of Allegiance and The American Creed. The Pledge of Allegiance and its Meaning. “I pledge allegiance to the Flag of the United States of America, and to the Republic for which it stands:one Nation under God, indivisible,with Liberty and Justice for all”.

What is the legal definition of a pledge?

Legal Definition of pledge. 1 : a delivery of especially personal property as security for a debt or other obligation broadly : the perfection of a security interest in collateral through possession of the collateral by a creditor or other promisee.

What does it mean to say the pledge?

The Pledge of Allegiance means a lot to me. According to the first phrase of the Pledge of Allegiance, “I pledge allegiance to the flag of the United States of America,” shows how many brave men and women who served for the United States fought to keep our country safe and intact for many generations to come.

What does to pledge mean?

Pledge(noun) a hypothecation without transfer of possession. Pledge(noun) anything given or considered as a security for the performance of an act; a guarantee; as, mutual interest is the best pledge for the performance of treaties.