Who Are The Parties To A Pledge Agreement

A deposit contract determines what is owed, the property that must be used as a guarantee and the conditions for the performance of the debt or obligation. In a simple example, John asks to borrow $500 from Mary. Mary first decides that John must promise his stereo safely, that he will pay off the debt at some point. In the law, we call John the Pledgor, and Mary the Inseparable. The stereo is called mortgaged property. As in any joint deposit agreement, the holding of mortgaged property is transferred to the pawnbroker. At the same time, however, the ownership (or title) of the mortgaged property remains a pawn. John gives Mary the stereo, but he still owns it legally. If John stirs up the debts as part of the contractual agreement, Mary must return the stereo. But if he doesn`t pay, she can sell it to pay off his debts. In the ancient medieval law, especially in Germanic law, there were two kinds of pledges, be possessed (see Altenglisch wed, Altfranie ernss, althochdeutsch wetti, Latin pignus depositum), i.e. supplied from the beginning, or not possessed (cf. OE b`d, OFr nam, nant, OHG pfant, L pignus oppositum), i.e.

distracted at the due date, and essentially led to the principle of law. This distinction persists in some systems, for example. B in French pledge vs. collateral and Dutch vuistpand vs. stil pand. Reciprocal symbolic (symbolic) commitments have generally been included in official ceremonies to consolidate agreements and other transactions. The Scottish laws of the United States are generally in line with those of England with regard to commitments. The main difference is that in Scotland and Louisiana, a pledge can only be sold by the law. In some U.S. states, the common law, as it existed, is always followed outside the Factors Acts, but in others, the factor has a more or less limited power to give a title by collateral. [3] The main difference between Roman and English law lies in the fact that certain things (for example. B clothing, furniture and floor-to-work instruments) could not be mortgaged under Roman law, although there are no restrictions under English law.

In the event of collateral, a particular property is transferred to the pawnbroker, which is sufficient to maintain an action against a criminal, but the property, that is, the property subject to the deposit, remains a pawn. [3] On the other hand, for the pawnbroker, there is more than the obligation to take care of the ownership of the pledge. The pawnbroker is entitled to the possession and control of all income collected during the collateral period, unless otherwise agreed. This income reduces the amount of the debt and the pfandgor must bring it to justice by the pawnbroker. In addition, the pawnbroker is entitled to reimbursement of the costs incurred by the preservation, maintenance and protection of the property. Finally, the pawnbroker must not remain a party indefinitely to the deposit agreement. It may sell or sell its shares in the pawn contract to a third party.