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Simple English definitions for legal terms
pignus
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A quick definition of pignus:
Term: PIGNUS
Definition: Pignus is a type of agreement in which goods are given to secure the payment of a debt or the performance of a promise. This agreement benefits both parties, and if the debtor fails to fulfill their obligation, the goods can be sold to cover the debt. Pignus can also refer to a lien, which is a legal claim on someone's property to secure a debt. There are different types of pignus, such as pignus judiciale, which is a lien that a creditor has on the property of the debtor, and pignus legale, which is a lien that arises by law, such as a landlord's lien on a tenant's property. Pignus praetorium is a type of pledge given to a creditor by order of a magistrate in Roman law.
A more thorough explanation:
Definition: Pignus (pronounced pig-nuhs) is a Latin term that refers to a type of bailment in which goods are delivered to secure the payment of a debt or performance of an engagement, accompanied by a power of sale in case of default. This means that if someone owes money or has made a promise to do something, they can give something valuable as collateral to ensure that they follow through on their obligation. If they fail to do so, the person who holds the collateral can sell it to recover the debt.
Examples: A common example of pignus is when someone takes out a loan from a pawn shop. They give the pawn shop something valuable, like a piece of jewelry or a musical instrument, as collateral. If they pay back the loan on time, they can get their item back. If they don't, the pawn shop can sell the item to recover the money they lent.
Another example of pignus is when a landlord has a lien on a tenant's property. This means that if the tenant fails to pay rent, the landlord can take possession of the tenant's belongings and sell them to recover the unpaid rent.
These examples illustrate how pignus works to ensure that people fulfill their obligations. By giving something valuable as collateral, they are more likely to follow through on their promises or repay their debts.