Legal Dictionary
Main Entry:
pledgePronunciation:
'plejFunction:
noun 1 : a delivery of esp. personal property as security for a debt or other obligation;
broadly : the perfection of a security interest in collateral through possession of the collateral by a creditor or other promisee
2 a : property and esp. personal property that is used as security esp. upon delivery;
broadly : a security interest in collateral —compare
chattel mortgage at
MORTGAGE b : a contract under which the delivery of property (as personal property) as security takes place
3 a : the state of being held as security or guaranty
pledge> b : something given as security for the performance of an act
4 : a binding promise to do or forbear