Legal Definitions - impignoration

Impignoration is a historical legal term referring to the act of pledging or pawning a movable item of value as security for a debt or obligation. It involves transferring possession of an asset to a creditor, with the understanding that if the debt is not repaid, the creditor has the right to retain or sell the asset to satisfy the debt.

• A Knight's Jewels: During the medieval period, a knight needing funds to equip his retinue for a crusade might approach a moneylender. To secure a substantial loan, he could perform an act of impignoration by handing over his family's ornate jeweled sword and a valuable signet ring to the moneylender.

This illustrates impignoration because the knight is pledging specific, movable assets (the sword and ring) to the moneylender as collateral. If the knight fails to repay the loan by the agreed-upon time, the moneylender would legally be entitled to keep or sell these pledged items.

• A Merchant's Cargo: In 17th-century Europe, a merchant seeking capital to finance a new trading voyage might impignorate a portion of his existing warehouse inventory, such as several barrels of fine wine or bales of silk, to a wealthy financier.

Here, the merchant is engaging in impignoration by putting his goods "to pledge." He temporarily surrenders control or a specific right over these valuable goods to the financier, who holds them as security. Should the merchant default on the loan, the financier would have the right to claim the pledged wine or silk to recover their investment.