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PLEDGE

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Originally appearing in Volume V21, Page 835 of the 1911 Encyclopedia Britannica.
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PLEDGE ,' or FAWN, in See also:

law " a See also:bailment of See also:personal See also:property as a See also:security for some See also:debt or engagement " (See also:Story on Bailments, § 286). The See also:term is also used to denote the property which constitutes the security. Pledge is the pignus of 'See also:Roman law, from which most of the See also:modern law on the subject is derived. It differs from See also:hypothec and from the more usual See also:kind of See also:mortgage in that the pledge is in the See also:possession of the pledgee; it also differs from mortgage in being confined to personal property. A mortgage of personal property in most cases takes the name and See also:form of a See also:bill of See also:sale. The See also:chief difference between Roman and See also:English law is that certain things, e.g. wearing See also:apparel, See also:furniture and See also:instruments of tillage, could not be pledged in Roman law, while there is no such restriction in English law. In the See also:case of a pledge, a See also:special property passes to the pledgee, sufficient to enable him to maintain an See also:action against a wrong-doer, but the See also:general property, that is the property subject to the pledge, remains in the pledgor. As the pledge is for the benefit of both parties, the pledgee is See also:bound to exercise only See also:ordinary care over the pledge. The pledgee has the right of selling the pledge if the pledgor make See also:default in See also:payment at the stipulated See also:time. No right is acquired by the wrongful sale of a pledge except in the case of property passing by delivery, such as See also:money or negotiable securities. In the case of a wrongful sale by a pledgee, the pledgor cannot recover the value of the pledge without a See also:tender of the amount due. The law of See also:Scotland as to pledge generally agrees with that of See also:England, as does also that of the See also:United States.

The See also:

main difference is that in Scotland and in See also:Louisiana a pledge cannot be sold unless with judicial authority. In some of the See also:American states the See also:common law as it existed apart from the Factors' Acts is still followed; in others the See also:factor has more or less restricted See also:power to give a See also:title by pledge. See also FACTOR and See also:PAWNBROKING.

End of Article: PLEDGE

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PLEHVE, VIATSCHESLAF KONSTANTINOVICH (1846-1904)

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