Pignus - Law Dictionary Search Results
Home Dictionary Name: pignusPignus
Pignus, a pledge or security for a debt or demand, is derived, says Gaius (Dig. 50, tit. 16, s. 238), from pugnus, 'quia qu' pignori dantur, man traduntur.' This is one of several instances of the failure of the Roman jurists when they attempted an etymological explanation of words. The element of pignus (pig) is contained in the word pa(n)go and its cognate forms. A pledge was called pignus when the possession of a thing was transferred to the pledgee, and hypotheca, when the pledgor retained it in his possession. See Sant. Just.; 2 Steph. Com....
Hypothecation
Hypothecation [fr. hypotheca, Civ. Law, a pledge in which the pledges retained possession of the thing pledged, as distinguished from pignus, where the possession was transferred to the pledge. See Sand. Just; Sith's dict. of Antiq., tit. 'Pignus'], the act of pledging a thing as security for a debt or demand without parting with the possession. There are few cases, if any, in our law where an hypothecation in the strict sense of the Roman Law exists. The nearest approaches, perhaps, are the cases of holders of bottomry bonds, and of seamen to whom wages are due in the merchant service, who have a claim against the ship in rem. But these are rather cases of liens or privileges than strict hypo-thecations. There are also cases where mortgages of chattels are held valid, without any actual possession by the mortgage, but they stand upon very peculiar grounds, and may be deemed exceptions to the general rule.It means a charge in or upon any movable property, existing or future, created by...
Pignus
A pledge or pawn...
Pawn or Pledge
Pawn or Pledge [fr. pignus, Lat.], a bailment of goods by a debtor to his creditor, to be kept till the debt is discharged.A mortgage of goods is in the Common Law distinguishable from a mere pledge or pawn. By a mortgage the whole legal title passes conditionally to the mortgagee; and if the goods be not redeemed at the stipulated time, the title becomes absolute at law although equity allows a redemption. But in a pledge, a special property only passes to the pledgee, the general property remaining in the pledgor. Also, in the case of a pledge, the right of a pledgee is not consummated, except by possession; and, ordinarily, when that possession is relinquished, the right of the pledgee is extinguished or waived. But, in the case of a mortgage of personal property the right of property passes by the conveyance to the mortgagee, and the possession is not or may not be essential to create or support the title.As to things which may be the subject of pawn: These are, ordinarily, goods a...
Pignorative, Pignorary
Pignorative, Pignorary [fr. pignus, Lat.], pledging, pawning....
Pledge
Pledge, anything put to pawn or given by way of warrant or security; also a surety, bail, or hostage. See PAWN; PIGNUS.Means the transfer of movable property as a security for debt or obligation. The pledgee has the right to sell the goods for the realisation of his debt. But he cannot 'foreclose' the pledge and become the owner of the property himself. This is a feature which distinguishes a pledge from a mortgage, Branch Manager, State Bank of Hyderabad v. GRB Viswanadha Raju, AIR 1993 AP 337: (1993) 2 Andh LT 274: (1993) 2 Hindu LR 36: (1993) 2 Bank Cas 542: (1993) 2 Cur CC 491....
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