Living pledge

Pledge \Pledge\, n. [OF. plege, pleige, pledge, guaranty, LL.
   plegium, plivium; akin to OF. plevir to bail, guaranty,
   perhaps fr. L. praebere to proffer, offer (sc. fidem a trust,
   a promise of security), but cf. also E. play. [root]28. Cf.
   {Prebend}, {Replevin}.]
   1. (Law) 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.
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   Note: Pledge is ordinarily confined to personal property; the
         title or ownership does not pass by it; possession is
         essential to it. In all these points it differs from a
         mortgage [see {Mortgage}]; and in the last, from the
         hypotheca of the Roman law. See {Hypotheca}. --Story.
         Kent.
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   2. (Old Eng. Law) A person who undertook, or became
      responsible, for another; a bail; a surety; a hostage. "I
      am Grumio's pledge." --Shak.
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   3. A hypothecation without transfer of possession.
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   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.
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   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.
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   6. A sentiment to which assent is given by drinking one's
      health; a toast; a health.
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   {Dead pledge}. [A translation of {LL}. mortuum vadium.] (Law)
      A mortgage. See {Mortgage}.

   {Living pledge}. [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.
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   Syn: See {Earnest}.
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