Who is pledger and pledgee

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Sunday, November 14, Please enter your comment! Please enter your name here. You have entered an incorrect email address! About Us. The pledger has a right to receive a reasonable notice in case the pledgee intends to sell the goods and in case he does not receive the notice he has a right to claim any damages that may result.

In case of sale, the pledgor is entitled to receive from the pledgee any surplus that may remain with him after the debt is completely paid off. The pledgor has a right to claim any accruals to the goods pledged. If any loss is caused to the goods because of mishandling or negligence on the part of the pledgee, the pledgor has a right to claim the same. The contract of pledge represents only one set of these: the terms under which the debt or obligation will be fulfilled and the pledged property returned.

On the one hand, the pledgor's rights extend to the safekeeping and protection of his property while it is in possession of the pledgee. The property cannot be used without permission unless use is necessary for its preservation, such as exercising a live animal. Unauthorized use of the property is called conversion and may make the pledgee liable for damages; thus, Mary should not use John's stereo while in possession of it.

For the pledgee, on the other hand, there is more than the duty to care for the pledgor's property. The pledgee has the right to the possession and control of any income accruing during the period of the pledge, unless an agreement to the contrary exists.

This income reduces the amount of the debt, and the pledgor must account for it to the pledgee. Additionally, the pledgee is entitled to be reimbursed for expenses incurred in retaining, caring for, and protecting the property. Finally, the pledgee need not remain a party to the contract of pledge indefinitely. She can sell or assign her interest under the contract of the pledge to a third party.

Synonyms for pledge Synonyms: Noun gage , guarantee , guaranty , pawn , security Synonyms: Verb commit , engage , mortgage , troth Visit the Thesaurus for More. Examples of pledge in a Sentence Noun He has promised to fulfill a campaign pledge to cut taxes. To make a pledge or donation, please call the charity's office. He left his car as a pledge that he would return with the money.

He called to pledge money to the charity. Every morning, we pledge allegiance to the flag. The chefs are pledged to keep the restaurant's special recipe a secret. He pledged his paintings as collateral for a loan. Recent Examples on the Web: Noun Garcia, a longtime friend and business partner of Johnson's, doubled down on their company's pledge , stating that Seven Bucks Productions will only use fake guns moving forward.

First Known Use of pledge Noun 15th century, in the meaning defined at sense 1a Verb 15th century, in the meaning defined at sense 1. Learn More About pledge. Time Traveler for pledge The first known use of pledge was in the 15th century See more words from the same century.