Chapter on Pledges (1)

A pledge is valid for every tangible article whose sale is valid—even a slave under a contract of manumission—whether it is offered at the time the debt is incurred or afterwards. It is also valid to pledge a sold item—other than commodities normally sold by measure, such as grain—both for its own price and for any other debt. (2)

The pledge becomes binding upon the pledger alone once the pledgee takes possession, and continued possession is a condition for its permanence. No act of disposal by the pledger with respect to the pledged property is effective without the pledgee’s permission, except manumission; in that case its monetary value is taken as collateral in its place. Any increase, earnings, or compensation for injury relating to the pledged property follows it as additional security. Its upkeep—such as its shroud if it dies and the rent of its storage—is borne by the pledger. The pledge is a trust deposit; if it perishes, no part of the debt is discharged. No portion of it is released while any part of the debt remains, and it is permissible to add to the collateral, though not to the debt itself.

When the debt falls due and the debtor refuses to pay, the pledge is sold with his consent; if he refuses, the judge compels him, and if he persists the judge sells it on his behalf and settles the debt. (3)

The statement of the pledger is accepted regarding the amount of the pledge, the amount of the debt, and his claim that he has returned it, but not when he asserts that it belongs to someone else or that it has caused injury; he remains liable for those claims after the pledge is released unless the pledgee confirms him.

The pledgee may ride the animal or milk it, in proportion to what he spends on its maintenance, without explicit permission, provided he acts justly. If he incurs expenses for it intending to seek reimbursement and cannot obtain the owner’s permission, he may recover what he spent—just as with a deposit, a loaned article, or a leased one—but not if the property had deteriorated and he repaired it without permission.