Living pledge

Pledge Pledge, 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. [root]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]

Note: 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]