Chapter on Pledges

A pledge is valid over any tangible property that may lawfully be sold—even a mukatab (a slave under a contract of self-purchase), whether the master’s residual right is still attached to him or has ceased—provided it secures an established debt. It is binding only upon the pledgor. The pledge of an undivided share is likewise valid, and one may pledge a sold item that is neither measured nor weighed, whether as security for its own price or for some other liability.

Any item that may not be sold may also not be pledged, except for fruit and green crops before they show signs of ripeness, so long as no condition is set to harvest them forthwith.

The pledge does not become binding until it is delivered into the pledgee’s possession, and the continuance of that possession is a condition. Should the pledgee voluntarily return it to the pledgor, its binding force lapses; if the pledgor then hands it back to him, it again becomes binding1. Neither party may dispose of the pledged property without the consent of the other, except for the pledgor’s manumission of a slave, which is legally effective—though sinful—and the slave’s market value is taken as a substitute pledge.

Any increase, profit, or compensation for injury that accrues to the pledged property is annexed to it. Its maintenance costs, burial shroud, and storage fees are borne by the pledgor. The pledge remains a trust in the pledgee’s hand; if it is lost without2 negligence on his part, he incurs no liability.