14:59
i knew i wasnt getting penn its ok
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Simple English definitions for legal terms
pigneratio
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A quick definition of pigneratio:
Term: pigneratio
Definition: Pigneratio is a Latin word that means the act of pledging or mortgaging something as security for a loan. It is similar to pawning an item, where the borrower gives the lender an item of value as collateral until the loan is repaid.
A more thorough explanation:
pigneratio
Pigneratio is a Latin term that means the act of pledging or mortgaging something as security for a debt.
- When John needed money to start his business, he had to offer his car as pigneratio to the bank.
- The pawnshop required a valuable item as pigneratio before they could lend any money to the customer.
These examples show how pigneratio is used to describe the act of giving something valuable as collateral for a loan. In both cases, the borrower had to pledge something they owned as security for the money they borrowed.