PLEDGE

Pledge

A pledge is a bailment that conveys possessory title to property owned by a debtor to a creditor to secure repayment for some debt or obligation and to the mutual benefit of both parties. The term is also used to denote the property which constitutes the security. A pledge is type of security interest.

The above text is a snippet from Wikipedia: Pledge (law)
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pledge

Noun

  1. A solemn promise to do something.
  2. A person who has taken a pledge of allegiance to a college fraternity, but not yet formally approved.
  3. A security to guarantee payment of a debt.
  4. A drinking toast.
  5. A promise to abstain from drinking alcohol.

Verb

  1. To make a solemn promise (to do something).
  2. To deposit something as a security; to pawn.
  3. To give assurance of friendship by the act of drinking; to drink to one's health.


The above text is a snippet from Wiktionary: pledge
and as such is available under the Creative Commons Attribution/Share-Alike License.

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