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What is an example of a pledge?

The chefs are pledged to keep the restaurants special recipe a secret. He called to pledge money to the charity. Every morning, we pledge allegiance to the flag. During his campaign, he pledged that he would not raise taxes. He pledged his paintings as collateral for a loan.

What is the purpose of a pledge?

A pledge is a common way to secure a loan or promise by temporarily giving possession of valuable items to the lender. The Indian Contract Act of 1872 provides clear rules about how pledges work, protecting both the person giving the pledge and the person receiving it.

What is a Letter of Pledge?

A Letter of Pledge is a formal document in which one party (the pledgor) commits assets as collateral to another party (the pledgee) to secure a loan or fulfill an obligation.

What is the purpose of a pledge agreement?

A pledge and security agreement is a legal document that outlines an arrangement in which one party (the pledgor) unconditionally transfers the title to a specific property or asset to another person or entity (the pledgee), who accepts it for safekeeping, usually in return for some form of compensation.

What does it mean to receive a pledge?

: a binding promise or agreement to do or forbear. b(1) : a promise to join a fraternity, sorority, or secret society. (2) : a person who has so promised.

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