PLEDGE ,' or FAWN, in
See also:law " a bailment of
See also:property as a 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 hypothec and from the more usual kind of
See also:mortgage in that the pledge is in the 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 sale . The chief difference between Roman and
See also:English law is that certain things, e.g. wearing
See also:apparel, 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 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 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 bound to exercise only ordinary care over the pledge . The pledgee has the right of selling the pledge if the pledgor make default in 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 Scotland as to pledge generally agrees with that of England, as does also that of the
See also:United States .
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 factor has more or less restricted power to give a title by pledge . See also FACTOR and PAWNBROKING .
PLEBS (from the root seen in Lat. plenus, full; cf....
VIATSCHESLAF KONSTANTINOVICH PLEHVE (1846-1904)
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