pledge

The general law of pledge requires possession, and it cannot exist without it.

or PAWN. A bailment of personal property as security for some debt or engagement. 41 N. Y. 241. A deposit of personal property as security, with an implied power of sale in case of default. Jones, Pl. § 1. A pledge or pawn (Lat. pignus), according to Story, is a bailment of personal property as security for some debt or engagement. Story, Bailm. § 286, which see for the less comprehensive definitions of Sir Wm. Jones, Lord Holt, Pothier, etc. Domat broadly defines it as an appropriation of the thing given for the security of an engagement. But the term is commonly used as Sir Wm. Jones defines it, to wit, as a bailment of goods by a debtor to his creditor, to be kept till the debt is discharged. Jones, Bailm. 117; 2 Ld. Raym. 909; Poth. de Naut. art. prelim. 1; Civ. Code, art. 2071; Domat, bk. 3, tit. 1, § 1, note 1; Civ. Code La. art. 3100; 6 Ired. (N. C.) 309. The pledgee secures his debt by the bailment, and the pledgor obtains credit or other advantage. See 1 Pars, Cont. 591 et seq. Pledge and pawn. At common law, the terms were synonymous, but in modern usage. Pledge and mortgage. A pledge is distinguished from a chattel mortgage in that it depends for its validity on possession of the subject matter. Pledge and hypothecation. Hypothecation (q. v.) is a special form of pledge wherein the possession remains in the debtor. In Louisiana. There are two kinds of pledges, — the pawn and the antichresis. The former relates to movable securities, and the latter to immovables. If a creditor have not a right to enter on the land and reap the fruits, the security is not an antichresis. 3 La. 157. A pledge of negotiable paper is not valid against third parties without transfer from debtor to creditor. 2 La. 387. See, in general, 13 Pet. (U. S.) 351; 5 Mart. (La.; N. S.) 618; 18 La. 543; 1 La. Ann. 340; 2 La. Ann. 872.

In the law of bailment. A bailment of goods to a creditor as security for some debt or engagement. A bailment or delivery of goods by a debtor to his creditor, to be kept till the debt be discharged. Story, Bailm. § 7; Civ. Co.de La. art. 3133; 2 Kent, Comm. 577; Stearns v. Marsh, 4 Denio (N. Y.) 229, 47 Am. Dec. 248; Sheridan v. Presas, 18 Misc. Rep. 180, 41 N. Y. Supp. 451; Bank of Rochester v. Jones, 4 N. Y. 507, 55 Am. Dec. 290; Eastman v. Avery, 23 Me. 250; Belden v. Peridns, 78 III. 452; Wilcox v. Jackson, 7 Co.lo. 521, 4 Pac. 966; Gloucester Bank v. Worcester, 10 Pick. (Mass.) 531; Lillenthal v. Ballou, 125 Cal. 183, 57 Pac. 807. Pledge Is a deposit of personal property by way of security for the performance of another act. Civ. Code Cal. § 2986. The specific article delivered to the creditor in security is also called a "pledge" or "pawn." There is a clear distinction between mortgages and pledges. In a pledge the legal title remains in the pledgor; in a mortgage it passes to the mortgagee. In a mortgage the mortgagee need not have possession; in a pledge the pledgee must have possession, though it be only constructive. In a mortgage, at common law, the property on non-payment of the debt passes wholly to the mortgagee; in a pledge the property is sold, and only so much of the proceeds as will pay his debt passes to the pledgee. A mortgage is a conditional conveyance of property, which becomes absolute unless redeemed at a specified time. A pledge is not strictly a conveyance at all, nor need any day of redemption be appointed for it. A mortgagee can sell and deliver the thing mortgaged, subject only to the right of redemption. A pledgee cannot sell and deliver his pawn until the debt is due and payment denied. Bouvier. There are two varieties of the contract of pledge known to the law of Louisiana, vim, pawn and antichresis; the former relating to chattel securities, the latter to landed securities. See Civ. Code La. art 3101; and see those titles.

— Pledges of prosecution. In old English law. No person could prosecute a civil action without having in the first stage of it two pr more persons as pledges of prosecution ; and; If judgment was given against the plaintiff, or he deserted his suit, both he and his pledges were liable to amercement to the king pro falso ala-more. In the course of time, however, these pledges were disused, and the names of fictitious persons substituted for them, two ideal persons, John Doe and Richard Roe, having become the common pledges of every suitor; and now the use of such pledges is altogether discontinued. Brown.

— Pledges to restore. In England, before the plaintiff in, foreign attachment can issue execution against the property in the hands of the garnishee, he must find "pledges to restore," consisting of two householders, who enter into a recognizance for the restoration of the property, as a security for the protection of the defendant; for, as the plaintiff's debt is not proved in any stage of the proceedings, the court guards the rights of the absent defendant by taking security on his behalf, so that if he should afterwards disprove the plaintiff's claim he may obtain restitution of the property attached. Brand. For. Attachm. 93; Sweet.

A bailment of goods to a creditor, as security for some debt or engagement; the thing so bailed.

In old English law. A surety; a person who undertook or became responsible for another. Pledges to prosecute: persons who became sureties for the plaintiff in a civil action, and were with him liable to be amerced, if he deserted or lost his suit.

1. A bailment of debt or engagement, the itor has actual or constructive 3. A surety. Pledges sureties for the plaintiff him to be amerced pro if he deserted or lost his sons, as John Doe and Plee,/r. An action; a plea. Plegii ad prosequendum, Plegii de retorno habendo Plein,/r. Pull. Pleine tre: fully administered.

A species of bailment, wherein the general owner of personal property delivers it to another, to be held as security for some debt or engagement. Also, the thing delivered, the pawn (g. v.), is often called a pledge. Pledgee and pledgor, pledger or pledgeor, are the names of the parties respectively receiving and delivering any thing in pledge. Pledgee: the party to whom a thing is delivered in pledge. Pledgor, pledger, or pledgeor; the one making the bailment. Nearly the same remarks may be made on the orthography of this word as were made under mortgage (j. v.), as to the spelling of mortgagor or mortgageor. The vernacular dictionaries recommend pledgeor; but it is seldom seen in law-books, Bouvier, however, adopts it. Pledger is sometimes met; pledgor is, so far as our recollection extends, by far the most common in the books of the law. A pledge is a bailment of personal property, as a security for some debt or engagement. A delivery of the thing pledged is essential to the contract, and, until such delivery, the special property that the bailee is entitled to hold does not vest in him. Brewster v. Hartley, 37 Col. 15. A pledge is a deposit of personal effects, not to be taken back but in payment of a certain sum, by express stipulation to be a lien on it. Doak v. Bank of the State, 6 Ired. L. 309. Pledges to prosecute. In old English law, no person could prosecute a civil action without having, in the first stage of it, two or more persons as pledges of prosecution; and if judgment was given against the plaintiff, or he deserted his suit, both he and his pledges were liable to amercement to the king pro /also clanwre. In the course of time, however, these pledges were disused, and the names of fictitious persons substituted for them, — two ideal persons, John Doe and Richard Roe, having become the common pledges of every suitor; now, however, even these are not used in personal actions. And since the common-law procedure act, 1852, the use of such pledges has been discontinued even in the action of ejectment; and inasmuch as all the real actions were abolished by 3 & 4 Wm. IV. oh. 27, it would seem that the use of such pledges is now discontinued altogether. Mozley §■ W. Flene administravit. He has fully administered. The' emphatic words of a plea by an executor or administrator, alleging that he has fully administered all the assets that have come to his hands. These words are often taken as the name of the plea. Flene administravit, praeter. He has fully administered, except. The emphatic words of a plea by an executor or administrator, alleging that he has fully administered all the assets that have come to his hands, except a certain amount, which is not sufficient to satisfy the plaintiff's demand. Plane oomputavit. He has fully accounted. The emphatic words in a plea in an action of account-render, alleging that the defendant has fully accounted. These words are often used to designate the plea.