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Definition Of Pledge Agreement

The main difference between Roman and English law is that certain things (for example. B clothing, furniture and floor-to-work instruments) could not be mortgaged under Roman law, while 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] PLEDGE, contracts. Who becomes someone else`s security, and in that sense, whoever becomes a surety for another is a promise. 4 Inst. 180 Dig. B. See wishes. The pawned property must be held by a pawnbroker. This can be done in two ways. The property may be owned by the pawnbroker, which means physical possession (for example, Mary Johns owns the stereo in her house).

Otherwise, he may be in constructive possession of the deposit, which means that the pfandeine has some control over the property, which usually occurs when actual possession is impossible. For example, a pawn taker has constructive possession of the contents of a safe in a bank if the pfandgor gives the pawnbroker the only keys to the box. The directive is the pig of Roman law, from which most of modern European law derives on this subject, but which is generally a feature even of the most fundamental legal systems. It differs from the usual assumption and mortgage by the fact that the pawnbroker is in possession of the deposit. [3] However, the same is true in that the three persons and all real estate properties can be owned. A pledge of personal property is called peasant and that of real estate called Antichressis. In the event of a seizure, both parties have certain rights and debts. The pawn contract represents only one sentence: the conditions under which the debt or commitment is fulfilled and the mortgaged assets are returned. On the one hand, the right of subjugation extends to the preservation and protection of its property while it is in the possession of the pawnbroker. Accommodation cannot be used without permission, unless use is necessary for its preservation, for example. B the exercise of a living animal. Unauthorized use of the property is called processing and may make the deposit-taker liable for the damage suffered; Maria should not use Jean`s stereo when she owns it.

The asset is only a guarantee for the lender in the event of a borrower`s default. However, for the borrower, the mortgaged assets could make a significant contribution to obtaining the loan authorization.

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