Define Pledge Agreement

Since the undertaking benefits both parties, the duty of instruction is required to exercise only ordinary diligence as to the undertaking made. The pawnbroker has the right to sell the collateral if the deposit does not provide the payment on the agreed date. As a result of an illegal sale, no property is guaranteed to a third-party buyer, unless it is a transfer of property such as money or marketable securities. In all other cases, persons without notice (BFP) must prove that they are a good faith buyer. For certain types of assets, as defined in the detailed laws of the jurisdiction, such a new owner (BFP) must have first consulted (before the purchase) without any other property being disclosed, and then have issued a public notice or registered its title before the Pfederin in a register recognized by the courts. Following an illegal sale by a deposit taker (for example. B if the pledgee has met its payment schedule and has the right to import the goods if it is still the case), the pledge cannot recover the amount of the pledge or the value of the deposit without the amount due being declared (under the guarantee of the pledge). [3] Thar is in opposition to the general mortgage law, which allows most murderers to maintain a means of taking legal action against an illegal sale in order to restore the property to its qualified property when they update the arrears of payment. The borrower must continue to report and pay taxes on all income from mortgaged assets. However, since they were not required to sell their portfolios to pay the down payment, they will not pay them to a higher income bracket. On the other hand, for the pawnbroker, there is more than the obligation to take care of the ownership of the pledge.

The pawnbroker is entitled to the possession and control of all income collected during the collateral period, unless otherwise agreed. This income reduces the amount of the debt and the pfandgor must bring it to justice by the pawnbroker. In addition, the pawnbroker is entitled to reimbursement of the costs incurred by the preservation, maintenance and protection of the property. Finally, the pawnbroker must not remain a party indefinitely to the deposit agreement. It may sell or sell its shares in the pawn contract to a third party. However, the pawnbroker must inform the pledge that the deposit contract has been sold or reassigned; Otherwise, she is guilty of conversion. Promises differ from sale. In the case of a sale, the property and property are transferred to the buyer on a permanent basis. As a pledge, only possession is handed over to another party. The first part retains ownership of the building concerned, while the second part takes possession of the property until the terms of the contract are fulfilled. The second part must also have a right of pawn – or legal right – on the property in question. If the conditions are not met, the second party can sell the property to pay off the debts.

Excess profits from the sale must be paid to the debtor or the first party. But if the sale does not meet the amount of the debt, legal action may be necessary. The directive is the pig of Roman law, from which most of modern European law derives on this subject, but which is generally a feature even of the most fundamental legal systems. It differs from the usual assumption and mortgage by the fact that the pawnbroker is in possession of the deposit. [3] However, the same is true in that the three persons and all real estate properties can be owned. A pledge of personal property is called peasant and that of real estate called Antichressis. Although the borrower continues to have the manner in which collateral is invested, the bank may impose restrictions to ensure that mortgaged assets are not invested in financial instruments considered risky by the bank. These risky investments may include options or derivatives.

In addition, assets held in an individual pension account (IRA), 401 (k) or any other pension account cannot be mortgaged as assets for a loan or mortgage. The pawned property must be held by a pawnbroker.

Comments are closed.