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Latin. n. Pledge (security for debt), hostage, mortgage, bet, stake, symbol, relict, pawn, pledge, token, (in pl.) persons in pledges of. Goods are delivered to secure the payment of a debt with a power of sale in case of default. A pawn. This was one of the real contracts of the civil law, which could only be constituted by the delivery of the subject pledged. It gives rise to the actions directa and contraria, the former at instance of the pledger for delivery of the pledge when his debt has been paid, or obligation fulfilled ; the latter, at the instance of the pledgee for recovery of any expenses necessarily disbursed by him for the maintenance or preservation of the pledge. The pledgee cannot be compelled to give up the pledge until that claim, in security for which he holds it. has been satisfied; if he does part with its possession, his right over it ceases.
- Civil law. This word signifies in English, pledge or pawn. It is derived, says Gaius, from pugnium, the fist, because what is delivered in pledge is delivered in hand. This is one of several instances of the failure of ...
