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v. to deposit personal property as security for a personal loan of money. If the loan is not repaid at maturity, the personal property pledged to the lender will expire. The property is called security. Collateral is the same as pawn. 2) promise to do something. (See: Farmers) The main difference between Roman law and English law is that certain things (for example. B clothing, furniture and tillage instruments) cannot be pledged under Roman law, whereas there is no such restriction in English law. In the case of a pledge, the special property passes to the pledge, sufficient to maintain a legal action against a wrongdoer, but the general property, that is, the property subject to pledging, remains in the privilege.

[3] Commitments are different from sales. In case of sale, the ownership and ownership of the real estate are definitively transferred to the buyer. In a pledge, only the property is transferred to a second party. The first party retains ownership of the property in question, while the second party takes possession of the property until the terms of the contract are respected. The second party must also have a lien – or legal claim – over the property in question. If the conditions are not met, the second party can sell the property to repay the debt. Any excess profits from the sale must be paid to the debtor or the first party. But if the sale does not match the amount of the debt, legal action may be necessary.

There must be an actual or constructive delivery of the goods to be pledged. However, government bonds must be pledged by approval and delivery. A pledge is one of the four types of guarantees recognised in English law; The security types are described in the practice note: Security Types. Since the pledge is for the benefit of both parties, the secured creditor is required to exercise only the usual care for the pledge. The secured creditor has the right to sell the lien if the pledge does not make the payment at the agreed time. The ownership of a third-party buyer is not guaranteed after an illegal sale, except in the case of goods that go through delivery, such as money or negotiable guarantees. In all other cases, individuals must prove that they are a bona fide buyer, for a (good) value, without notice (BFP). In the case of certain types of property, as defined in the detailed laws of the jurisdiction, such a new owner (BFP) must first have consulted (before the purchase) in order not to disclose any other property, and then have made a public announcement or registered his title in a register recognized by the court before the pfändor. After an illegal sale by a lien creditor (e.g.

.B. if the secured creditor has complied with its payment schedule and has the right to redeem the goods if it continues to do so), the secured creditor cannot claim the lien/value of the lien without an offer (full payment) of the amount due (secured by the lien). [3] Thar is contrary to the General Mortgage Act, which allows most mortgage debtors to maintain a cause of action (lawsuit) in the event of an illegal sale in order to return the property to their eligible property if they update the arrears. Ownership of the asset remains the property of the pawnshop, accepted in certain circumstances where the pawnshop has the right to sell the pledged asset. In addition, the pawnshop is required to treat the pledged asset appropriately. The laws of Scotland in the United States are generally consistent with those of England with respect to commitments. The main difference is that in Scotland and Louisiana, a pledge can only be sold with the judicial authority. In some U.S.

states, the common law as it existed outside of the Factor Acts is still respected, but in others, the factor has a more or less limited power to issue one security per pledge. [3] „Collateral” refers to the party to whom the pledge is granted (who, in practice, is likely to be the lender or possibly a security guard), and the pledged asset must be in the possession of a secured creditor. This can be achieved in two ways. The property may be in the beneficial possession of the secured creditor, i.e. in physical possession (for example, Mary John`s stereo system is in her home). Otherwise, it may be in constructive possession of the pledge, which means that the pledge has some control over the property, which is usually the case when the actual possession is the pledge is the pignus of Roman law, from where most modern European law on the subject is derived, but is usually a feature of even the most elementary legal systems. It differs from the pledge and the more common mortgage in that the pledge is in possession of the pledge. [3] Similarly, however, all three may apply to personal and immovable property. A pledge of personal property is called a pawnshop and that of real estate is called antichresis. In commitments, both parties have certain rights and obligations. The collateral contract represents only one sentence of this: the conditions under which the debt or obligation is fulfilled and the pledged asset is returned.

On the one hand, the rights of the secured creditor extend to the storage and protection of his assets as long as they are in possession of the pledge. The property may not be used without authorization, unless the use is necessary for its preservation, e.B. for the practice of a living animal. Unauthorized use of the property is called conversion and may hold the secured creditor liable for damages; Therefore, Maria should not use John`s stereo when she is in possession of it. A collateral contract determines what is due, the property to be used as collateral and the conditions to satisfy the debt or obligation. In a simple example, John asks Maria to borrow $500. Mary first decides that John must pledge his stereo system as a guarantee that he will repay the debt within a certain point. In the law, John is called the pawn and Mary the provocateur. The stereo system is called a gag property. As in any joint pledge agreement, ownership of the pledged assets is transferred to the secured creditor. At the same time, however, ownership (or title) of the pledged property remains the property of the Pfändgor.

John gives the stereo to Mary, but he still owns it legally. If John repays the debt under the contractual agreement, Mary must return the stereo. But if he doesn`t pay, she can sell him to pay off her debts. The pledge serves as collateral to ensure that the Pawnor repays the debt or fulfills the obligation. These are mainly used to secure loans and if the loan is not repaid at maturity, the pawnshop has the right to sell the pledged item to pay the fee. For the secured creditor, on the other hand, there is more than the obligation to take care of the assets of the pledge. The secured creditor has the right to own and control all income accrued during the term of the pledge, unless there is an agreement to the contrary. This income reduces the amount of the debt, and the counterparty must hold it accountable to the secured creditor. In addition, the secured creditor is entitled to reimbursement of costs incurred as a result of the storage, maintenance and protection of the property. Finally, the secured creditor does not need to remain a party to the pledge agreement indefinitely.

It may sell or assign its shareholding to a third party under the collateral contract. However, the secured creditor must inform the attaché that the collateral contract has been sold or newly assigned; Otherwise, she is guilty of conversion. impossible.. .