Pledgee (Noun)
Meaning
Someone to whom a pledge is made or someone with whom something is deposited as a pledge.
Classification
Nouns denoting people.
Examples
- The pledgor deposited the collateral to the bank as the pledgee, which would return it once the loan was paid in full.
- The company ceased to make payments to the creditor, resulting in a loss for the pledgee.
- After the borrower failed to repay the debt, the vehicle became the property of the pledgee.
- Under the contract, the painter deposited the artwork to the art dealer as the pledgee to secure a loan.
- In a mortgage agreement, the lender becomes the pledgee to whom regular payments are made by the borrower.