PLEDGE

In the law of bailment. bailment of goods to a creditor as security for some debt or engagement. A bailment or delivery of goods by a debtor to his cred- itor, to be kept till the debt be discharged. Story, Bailm. § 7; Civil Code La. art. 3133; 2 Kent, Comm. 577. Pledge is a deposit of personal property by way of security for the performance of anoth-curity on his behalf, so that if he should er act. Civil Code Cal. § 2986. The specific article delivered to the cred- itor in security is also called a "pledge" or "pawn." afterwards disprove the plaintiff's claim he may obtain restitution of the property at- tached. Brand. For. Attachm. 93; Sweet.

In bailments for storage, for hire, the bailee acquires a right to defend the prop- erty as against third parties and strangers, and is answerable for loss or injury occа- sioned through his failure to exercise ordi- nary care. See TRESPASS; TROVER. As to the lien of warehousemen and wharfingers for their charges on the goods stored with them, see LIEN, and Edw. Bailm. § 350. The hire of things for use transfers a special property in them for the use agreed upon. The price paid is the consideration for the use: so that the hirer becomes the temporary proprietor of the things bailed, and has the right to detain them from the general owner for the term or use stipu- lated for. It is a contract of letting for hire, analogous to a lease of real estate for a given term. Edw. Bailm. § 325. See

the patricians and senators,) at the request or on the proposition of a plebeian magistrate, such as a “tribune.” Inst. 1, 2, 4. In the law of bailment. A bailment of goods to a creditor as security for some debt or engagement.- A bailmert or delivery of goods by a debtor to his creditor, to be kept till the debt be discharged. Story, Bailm. § 7; Civ. Code 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.: YW) 507, 55 Am. Dec. 290; Eastman v. mo wa Me. 250; Belden v. Perkins, 78 Ill. 452; Wilcox v. Jackson, 7 Colo. 521; 4 Pac. 966; ’ Gloucester Bank -v. Worcester, 10° Pick. (Mass) 531; LiNenthal v. Ballou, 125 Cal. ‘183, 5? Pac. 897. Pledge is a deposit of personal: property by way of security for the performance of anoth? er act. Civ. Code Cal. § 2986. The specific article delivered to the creditor in security is also called a “pledge” of “pawn.” There is a clear distinction between mortgage and as ey In a pledge the << title rema na in the p edgor ; in a mortgage it passes to the mortgagee. In a mort baad the.mortgagee need not have possession ; pledge the pledges must have possession, though it be only constich nh a mortgage, at common law, thé roperty on non-payment of the debt passes Whol to the mortgagee; ina pledge the pro erty is sold, and only so much of th e proceeds as will p ay his debt passes to the pledgee. A mortgage a conditional conveyance of prop* erty, which becomes absolute unless redeemed at a specified time. A pledge is not strictly a conveyance at al], nor need any day of redemptio be appointed for it. A mortgagee can sell an 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. a ae There are two varieties of the contract of pledge known to the law of Louisiana, viz., pawn and antichresis; the former relating to chattel securities,-the latter to landed se: curities. See Civ. ‘Code La. art. 3101;: and see those titles. —Pledges of prosecution. Ia old English law. Oo 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 aa against the plaintiff. or he deserted his suit, both he and his pledges were liable to amercement to the kin pro falso clamore. 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 prop- . erty 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. ‘ PLEDGEE. The party to whom goods are pledged, or delivered in pledge. Story, Bailm. § 287.

The transfer of possession of personal property from a debtor to a creditor as security for a debt or engagement; also, the contract created between the debtor and creditor by a thing being so delivered or deposited, forming a species of bailment; also, that which is so delivered or deposited; something put in pawn. A person who undertook, or became responsible, for another; a bail; a surety; a hostage. "I am Grumio's pledge." Shak. A hypothecation without transfer of possession. 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. "That voice, their liveliest pledge of hope." Milton. A promise or agreement by which one binds one's self to do, or to refrain from doing, something; especially, a solemn promise in writing to refrain from using intoxicating liquors or the like; as, to sign the pledge; the mayor had made no pledges. A sentiment to which assent is given by drinking one's health; a toast; a health. Dead pledge. Etym: [A translation of LL. mortuum vadium.] (Law) A mortgage. See Mortgage. -- Living pledge. Etym: [A translation of LL. vivum vadium.] (Law) The conveyance of an estate to another for money borrowed, to be held by him until the debt is paid out of the rents and profits. -- To hold in pledge, to keep as security. -- To put in pledge, to pawn; to give as security.

To deposit, as a chattel, in pledge or pawn; to leave in possession of another as security; as, to pledge one's watch. To give or pass as a security; to guarantee; to engage; to plight; as, to pledge one's word and honor. We mutually pledge to each other our lives, our fortunes, and our sacred honor. The Declaration of Independence. To secure performance of, as by a pledge. [Obs.] To pledge my vow, I give my hand. Shak. To bind or engage by promise or declaration; to engage solemnly; as, to pledge one's self. To invite another to drink, by drinking of the cup first, and then handing it to him, as a pledge of good will; hence, to drink the health of; to toast. Pledge me, my friend, and drink till thou be'st wise. Cowley.

A solemn promise to do something. | A solemn promise to do something. | A promise to abstain from drinking alcohol. | An asset or person temporarily handed over to guarantee the fulfilment of something promised, under threat of permanent loss of the thing handed over; surety, security, hostage. | A bailment of personal property to secure payment of a debt without transfer of title. | A bailment of personal property to secure payment of a debt without transfer of title. | The personal property so pledged, to be kept until the debt is paid. | A person who has taken a pledge of allegiance to a college fraternity, but is not yet formally approved. | A drinking toast.

To make a solemn promise (to do something). | To deposit something as a security; to pawn. | To give assurance of friendship by the act of drinking; to drink to one's health.