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LSDefine

Simple English definitions for legal terms

pignorative contract

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A quick definition of pignorative contract:

A pignorative contract is an agreement between two or more parties that creates obligations that can be enforced by law. It can be a written document or a verbal agreement. A contract is like a promise that must be kept, and if it is broken, there are consequences. The consequences can be a penalty or a legal action. A pignorative contract is a type of contract that involves the use of collateral, such as property or assets, to secure the agreement.

A more thorough explanation:

A pignorative contract is a type of contract that involves the use of a pledge or security to guarantee the fulfillment of an obligation. It is a legal agreement between two or more parties that creates enforceable obligations.

For example, if a person borrows money from a bank, they may be required to sign a pignorative contract that allows the bank to take possession of a valuable asset, such as a car or house, if the borrower fails to repay the loan.

Another example of a pignorative contract is a pawnshop agreement. When a person pawns an item, such as a piece of jewelry, they sign a contract that allows the pawnshop to keep the item as collateral until the borrower repays the loan.

These examples illustrate how a pignorative contract works by providing security for the lender or creditor. The borrower or debtor agrees to pledge an asset as collateral, which gives the lender or creditor the right to take possession of the asset if the borrower or debtor fails to fulfill their obligations under the contract.

pignoratitia actio | pignoris capio

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General

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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