The primary claim, however, remains vested in the pledgor.

The pledged object is delivered by the pledgor to the pledgee.

Every country require to provide legal framework to protect the interest of the pledgor and pledgee.

The pledgor and pledgee together combine to constitute 'the owner.'

The pledgor had no action without repayment.

The pledgor gives the pledgee (the lender) some rights but does not part with all rights of ownership.

The pledgor was liable for damage done by his thing deposited, if he acted without the care of a bonus paterfamilias.

The pledgee has the right of selling the pledge if the pledgor make default in payment at the stipulated time.

It is created by delivery of the movable property, pursuant to an agreement between the parties, who are known as the pledgor and the pledgee.

An act of publicity may be required: for example, sending notice of cession to the pledgor's debtors.

The major flaw with the pledge is that it requires physical possession by the pledgee, which traps a business pledgor in a paradox.

The pledgor agrees to secure a valid underlying principal debt by pledging his movable property to the pledgee.

Collateral other than cash is usually discounted for risk, that is, the pledgor would have to post collateral in excess of the potential settlement amount.

The transfer serves to protect the pledgee's real security right by preventing the pledgor from alienating the pledged object or pledging it to some other person.

To accept a thing as a pledge knowing that it did not belong to the pledgor was also furtum - not merely acting as an accomplice.

In the case of a wrongful sale by a pledgee, the pledgor cannot recover the value of the pledge without a tender of the amount due.

If the power of sale is exercised, then the holder of the pledge must account to the pledgor for any surplus after payment of the secured obligations.

If the holder of pledge sells or disposes of the pledged assets when not entitled to do so, they may be liable in conversion to the pledgor.

Examples are a pawnbroker selling the pledgor's goods when the loan is not repaid and an innkeeper selling the guest's property when the bill is not paid.

He is also obliged to take reasonable care of the pledged property, and has a further obligation, on the termination of the pledge, to restore pledged property (plus its fruits) to the pledgor.

Unless the pledgee literally occupies the same premises as the pledger, the collateral once transferred is unavailable for the pledgor to operate its business and generate income to repay the pledgee.

A pledge does not give the pledgor (or debtor) the option of retaining the property while burdening it with the real security right, but it can be created in respect both of corporeal and of incorporeal property.

Accordingly, the thing could be sold by the owner and deducted from the debt without recourse to the pledgor, and whilst it was owned by pledgee the pledgor had no right of use.

A pledge is a bailment that conveys possessory title to property owned by a debtor (the pledgor) to a creditor (the pledgee) to secure repayment for some debt or obligation and to the mutual benefit of both parties.

In the case of a pledge, a special property passes to the pledgee, sufficient to enable him to maintain an action against a wrongdoer, but the general property, that is the property subject to the pledge, remains in the pledgor.