PLEDGE

Definitions

1. 1. The transfer of possession of personal property from a debtor to a creditor as security for a debt or engagement; also, the contract created between the debtor and creditor by a thing being so delivered or deposited, forming a species of bailment; also, that which is so delivered or deposited; something put in pawn.
2. 2. A person who undertook, or became responsible, for another; a bail; a surety; a hostage. "I am Grumio's pledge." Shak.
3. 3. A hypothecation without transfer of possession.
4. 4. Anything given or considered as a security for the performance of an act; a guarantee; as, mutual interest is the best pledge for the performance of treaties. "That voice, their liveliest pledge of hope." Milton.
5. 5. A promise or agreement by which one binds one's self to do, or to refrain from doing, something; especially, a solemn promise in writing to refrain from using intoxicating liquors or the like; as, to sign the pledge; the mayor had made no pledges.
6. 6. A sentiment to which assent is given by drinking one's health; a toast; a health. Dead pledge. Etym: [A translation of LL. mortuum vadium.] (Law) A mortgage. See Mortgage. -- Living pledge. Etym: [A translation of LL. vivum vadium.] (Law) The conveyance of an estate to another for money borrowed, to be held by him until the debt is paid out of the rents and profits. -- To hold in pledge, to keep as security. -- To put in pledge, to pawn; to give as security.