35-06-01. Pledge defined.
54 words·~1 min read·
/nd/title-35/chapter-35-06-pledge/35-06-01·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Pledge is a deposit of personal property as security for the performance of another act. Every contract by which the possession of personal property is transferred as security only is a pledge and its validity and effect are governed by the provisions of this chapter except as modified by the provisions of title 41.