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Definition of Pledge
1. Concept of pledge
What is the pledge.Let's start by talking about the mortgage since both figures are essentially the same: Security (from res Latin thing, to differentiate it from the personal guarantees) that protects a main obligation.So it would be appropriate to bring a return to the concept of mortgage to compare it with the promise of.That will realize then that, on the basis of different situations, so try to find the same effect: facilitate legal traffic, agreements between the parties and compliance with the provisions (regulations) or agreement (contract).
Concept of pledgeCommitment is the Act of giving or leave in pledge.or a more technical words is a real security interest.Every piece of furniture, which can be bought and sold, be commitment, everything can be left in pledge for a loan, a deferral of taxes, of the commitment to run a game, etc.The main obligations that guarantee the pledge or mortgage is that they marked its evolution.Clothing is for compliance with, and if this happens the pledge extinguishes.
Advantages of the pledge for the creditorInitially the garment requires the transfer of the possession of the movable property (with the exception of the so-called garment without scrolling), so this is controlled by the creditor from a third party.So pignora, that puts the goods as collateral, you can not avoid it, pass it or damage itIn this way the creditor before the breach of the obligation, in addition to the legal possibilities that would have in any case, may ask for the execution of the garment sell it at public auction.
It is important to understand that the so-called comisorio Covenant is prohibited by law, or what is the same, which is still the creditor with the thing if you are in breach of the obligation.Just in case the auction that can win the creditor, giving then total of payment card is finally desertedBut care, which is not required to run the garment, is an option.Suppose that this has lowered much value and however the creditor understand taking other legal avenues to seize and loaded correctly.You have the road open with the timely judicial authorization.
On the other hand, "doing well" at the hands of the Pledger as remains the obligation, avoid third party creditors can seize theIn this sense, the law determines that so that it takes effect against third parties the change of possession should be a public document, with a correct identification of the goods.
Advantages for the obligorThere are clear advantages for the creditor.But for the limited there is also a substantial advantage, because it allows the existence of the promise of loans which would be incapable of.Somehow is able to value their assets without the need to sell him and knowing that there is a legal framework that would prevent abuses by the creditor.
Besides the pledge gives play to a third party, other than the principal, pignore an asset of your property in guarantee of the principal obligation, by limiting their liability maximum loss of such well, and being an alternative to the personal guarantee, as well as a way to manage the risk of business groups.
The cost of the creation of the security of a mortgage, usually hugging the cost of the intervention of the notary rises often rather less (0.3% generally).On the other hand, and if we are talking about loans, collateral with financial assets loans can have a much more attractive than in other types of interest rate
The pledge of money, deposits or securities
to this day, when we speak of commitment usually refer to the promise of fixed deadlines, accounts, securities, investment funds.Here it is useful to make the following clarifications:
• Here refers to the published rules of auction does not come into play.If we talk about money in passbook accounts or term deposits what works is a mechanism of compensation for debts.If funds actions are settled and if put on sale according to the above mentioned rules of the commercial code.
• As already pointed out, and for obvious reasons, the pledge is documented in deed, and the possibility of Belaunde sums, securities or shares locked informatively.
• When the accounts are pignoran or deposits are specific amounts pignoran.When we speak of securities or shares in the funds, which are pignoran are titles or actions.It seems the same, but if you think about it carefully it is not.
• The nominal relationship of obligation and the amount committed is not necessarily 1 to 1.It is usual that the promised exceeds a percentage balance and the main, but it can also be liability vice versa.
Limits of the pledgeIn essence, there are two types of limits of.On the one hand there are goods not pledged, in general we can say that they are that we no can freely dispose (refer to "off-trade").There are specifically regulated examples, such as for example the pension plans, which promise not.
In a broader sense, he says that the limit tends to be given by the valuation of the property.and when we speak of valuation we refer to the fact of how difficult that is to a movable, its volatility, etc., against real estate.The exception?The pledge of financial assets described.
Routine use of the pledge
Then I discussed, Sin limitation of some known possibilities, and other less than pledge:
• The pledge made at Montes de Piedad or House of pawns.
• Borrowing to invest in securities with eigenvalues as collateral.A variant would be the guarantee or guarantees demanded by investors in the futures and options markets to operate.
• We also have the reverse case: one asks a loan to avoid having to sell securities or funds in lost and that a recovery is expected.Alternatively, if not, to avoid having to deal with the fiscal impact of the sale or redemption.
• We also have the case of the pledges to ensure bank guarantees to lessors.
• Although they are rare bird, have the chaos of those who, taking the total amount of property, prefer, for tax reasons, do so via loan.Instead of a mortgage, you may be more advantageous to do so through the commitment.
As proven signature is a very broad field, by stayed on your disposition in the comments to clarify is it necessary
2. Meaning of pledgeFrom the Latin pignoratĭo, promise is the process and the result of the effort.This verb, for its part, refers to grant or give something in garment (i.e., by way of guarantee).
Commitment, therefore, is the financial operation consisting in the granting of a loan in Exchange for a promise.In the event that the person who receives the credit does not pay as agreed, the entity that provided the loan can run warranty and stay with what you gave on oath.
through a precise legal framework, the garment offers advantages for both parties.Who grants credit knows that, if payment is not received, you can keep the love.The topic that receives the loan, meanwhile, manages to leverage the value of something which is your property and quick access to the loans in question.
There are different types of commitment.The most frequent is the procedure that allows a person to commit any object of your property in a House of efforts or a bank to request cash pawn.Suppose that a man insists on a watch that for the Bank, is valued at 2 thousand pesos.The subject will receive that amount and you will have a period of time to return it, together with the agreed interests.If the person can cope with that obligation, recover your watch once you have paid the debt.Otherwise, you will lose your watch, but you never have another good run for it risk.