“Pledgee.” dictionary Merriam-Webster.com, Merriam-Webster, www.merriam-webster.com/dictionary/pledgee. Retrieved 9 January 2022. The main difference between Roman law and English law is that certain things (e.g. clothing, furniture and tillage instruments) cannot be pledged under Roman law, whereas there is no such restriction in English law. In the case of a pledge, the special property passes to the pledge, sufficient to maintain a legal action against a wrongdoer, but the general property, that is, the property subject to pledging, remains in the privilege. [3] A hypothecary creditor, hypothecary creditor or secured creditor may insure the property. However, a court of law may do so and prohibit a secured creditor from choosing the share if the rights of the pfändor would be affected. Add pledgee to one of your lists below or create a new one. If the freight forwarder does not pay the secured claim at maturity, the secured creditor has the right to enforce his promise. Since the pledge is for the benefit of both parties, the secured creditor is required to exercise only the usual care for the pledge. The secured creditor has the right to sell the lien if the pledge does not make the payment at the agreed time. The ownership of a third-party buyer is not guaranteed after an illegal sale, except in the case of goods that go through delivery, such as money or negotiable guarantees.
In all other cases, this person must prove that he is a buyer in good faith, for a (good) value, without notice (BFP). In the case of certain types of property, as defined in the detailed jurisdiction laws, a new owner (BFP) must first have been consulted (before the purchase) in order not to disclose any other property, and then have made a public announcement or registered his title in a register recognized by the court before the pfändor. After an illegal sale by a secured creditor (e.g. If the lessor has complied with its payment schedule and has the right to redeem the goods if it continues to do so), the secured creditor cannot claim the lien/value of the lien without an offer (full payment) of the amount due (secured by the pledge). [3] This contrasts with general mortgage law, where most mortgage debtors can defend a cause of action (lawsuit) in the event of an illegal sale to return the property to their eligible property, provided they update arrears – Each secured creditor is expected to develop their own company-specific diversity strategies, equity and inclusion and their internal strategies demographic data. In this case, the secured creditor is obliged to protect the pledged article with ordinary care. The pledge is the pignaus of Roman law, from which most modern European law on the subject originates, but which is usually a feature of even the most elementary legal systems. It differs from the pledge and the more common mortgage in that the pledge is in possession of the pledge. [3] Similarly, however, all three may apply to personal and immovable property.
A pledge of personal property is called a pawnshop and that of real estate is called antichresis. When pledging shares, it is customary to declare that the secured creditor is entitled to the declared dividends. These sample sentences are automatically selected from various online information sources to reflect the current use of the word “pledgee”. The opinions expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us your feedback. A pledge is a deposit that transfers ownership of a debtor`s assets (the pawn) to a creditor (the secured creditor) in order to ensure the repayment of a debt or obligation and in the mutual interest of both parties. [1] [2] The term is also used to refer to the asset that represents the security right. [3] Collateral is a kind of security. The law of Scotland and the United States is generally the same as that of England with respect to commitments.
The main difference is that in Scotland and Louisiana, a pledge can only be sold with the judicial authority. In some U.S. states, the common law as it existed outside the Factors Acts is still followed; In others, the postman has a more or less limited power to assign a title by promise. [3] At the beginning of medieval law, especially in Germanic law, there were two types of pledges that were either possessive (cf. Old English marriage, Old French gage, Old High German Wetti, Latin pignus depositum), i.e. delivered from the outset, or without possession (cf. OE bād, OFr nam, nant, OHG pfant, L pignus oppositum), that is, seized on the due date, and the latter essentially established the legal principle of seizure. This distinction persists in some systems, such as French Meter vs Nantissement and Dutch vuistpand vs. Stilpand.
Tokens (symbolic) of mutual commitments were usually incorporated into official ceremonies to solidify agreements and other transactions.
