n. [ OF. plege, pleige, pledge, guaranty, LL. plegium, plivium; akin to OF. plevir to bail, guaranty, perhaps fr. L. praebere to proffer, offer (sc. fidem a trust, a promise of security), but cf. also E. play. √28. Cf. Prebend, Replevin. ] 1. (Law) The transfer of possession of personal property from a debtor to a creditor as security for a debt or engagement; also, the contract created between the debtor and creditor by a thing being so delivered or deposited, forming a species of bailment; also, that which is so delivered or deposited; something put in pawn. [ 1913 Webster ] ☞ Pledge is ordinarily confined to personal property; the title or ownership does not pass by it; possession is essential to it. In all these points it differs from a mortgage [ see Mortgage ]; and in the last, from the hypotheca of the Roman law. See Hypotheca. Story. Kent. [ 1913 Webster ] 2. (Old Eng. Law) A person who undertook, or became responsible, for another; a bail; a surety; a hostage. “I am Grumio's pledge.” Shak. [ 1913 Webster ] 3. A hypothecation without transfer of possession. [ 1913 Webster ] 4. Anything given or considered as a security for the performance of an act; a guarantee; as, mutual interest is the best pledge for the performance of treaties. “That voice, their liveliest pledge of hope.” Milton. [ 1913 Webster ] 5. A promise or agreement by which one binds one's self to do, or to refrain from doing, something; especially, a solemn promise in writing to refrain from using intoxicating liquors or the like; as, to sign the pledge; the mayor had made no pledges. [ 1913 Webster ] [ 1913 Webster ] 6. A sentiment to which assent is given by drinking one's health; a toast; a health. [ 1913 Webster ] Dead pledge. [ A translation of LL. mortuum vadium. ] (Law) A mortgage. See Mortgage. -- Living pledge. [ A translation of LL. vivum vadium. ] (Law) The conveyance of an estate to another for money borrowed, to be held by him until the debt is paid out of the rents and profits. -- To hold in pledge, to keep as security. -- To put in pledge, to pawn; to give as security. [ 1913 Webster ] Syn. -- See Earnest. [ 1913 Webster ] |