The Pledge As Collateral To Request A Loan

The Pledge As Collateral To Request A Loan

Before an obligation, the debtor responds with all his present and future assets. Sometimes, the creditor may consider a said solvency is not sufficient and demand additional guarantees to ensure compliance with the obligation.

We speak of personal guarantees, when a person other than the debtor is required to also respond to his obligation or real guarantees when certain assets (pledge or mortgage) are affected to their fulfillment.

However, it will be clearer if we explain each of them. In this post, we will talk about the pledge.

What Is A Pledge?

A pledge is a real security right that gives the holder the possession of a movable property owned by the pledgee, so that, in the event of a breach of the obligation, the creditor can sell the pledged asset and with the amount obtained to satisfy the debt.

How Is A Pledge Different From A Mortgage?

Being the two real guarantees, in the pledge, the possession of the thing is transferred to the creditor, while in the mortgage, the owner of the thing continues to be the debtor.

The requirement in the case of a motorcycle pledge (จำนำมอไซค์, which is the term in Thai) is the delivery so that it remains in possession of the creditor or a third party by mutual agreement. Physical delivery or notification from the debtor to the pledge is essential.

What Is A Pledge Without Displacement Of Possession?

Although the right is constituted with the physical delivery of the thing, in certain assets of great value, such as those destined for agricultural or industrial activities, depriving the debtor of the possession of the pledge can be a serious inconvenience.

For these cases, the law establishes the possibility of constituting the pledge in a public deed or an intervened policy, and it must be written in the special Registry established in the Property Registry.

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