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Part II Description of Interests, 5 Possessory Security

From: The Law of Security and Title-Based Financing (2nd Edition)

Hugh Beale, Michael Bridge, Louise Gullifer, Eva Lomnicka

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From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2021. All Rights Reserved.date: 16 January 2021

Subject(s):
Pledge — Lien
5.01 A pledge is a common law security interest created by delivery of tangible property to the pledgee as security for the payment of a debt or performance of another obligation.2 It is a species of bailment, and carries with it many of the rights and duties of bailment. It confers on the pledgee not only the right to possession of the pledged assets but the right of sale on default3 and the right to sub-pledge without destroying the pledge.4 As it is a security interest, the pledgor has the right to redeem the pledged assets5 by repaying the debt or performing...
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