Pledge: Difference between revisions
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imported>Doug Williamson (Create the page. Sources: The Treasurer, November 2015, p48; Oxford Dictionary of Law, 7th Edition.) |
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Revision as of 14:22, 11 November 2015
An item transferred by a borrower to a lender, as a security for a debt.
The borrower remains the legal owner of the item, but if the borrower fails to repay the loan the lender has the right to sell it and to use the proceeds to pay the debt.
