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1 : a delivery of esp. personal property as security for a debt or other obligation
: the perfection of a security interest in collateral through possession of the collateral by a creditor or other promisee
2 a : property and esp. personal property that is used as security esp. upon delivery
: a security interest in collateral compare chattel mortgage at mortgage
b : a contract under which the delivery of property (as personal property) as security takes place
3 a : the state of being held as security or guaranty [property held in ]
b : something given as security for the performance of an act
4 : a binding promise to do or forbear
1 : to deliver or otherwise put forward as security for a debt or other obligation [pledged his car as collateral for the loan]
2 : to bind by a pledge [we mutually to each other our lives, our fortunes and our sacred honor "Declaration of Independence"]
3 : to assure or promise the performance or payment of
pled·gor [ple-jər, ple-jȯr]
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.