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LSDefine

Simple English definitions for legal terms

pledged account

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A quick definition of pledged account:

A pledged account is when someone deposits something valuable, like money or property, with another person as a promise to pay back a debt or fulfill an obligation. The person who receives the pledge is called the pledgee.

A more thorough explanation:

Definition: A pledged account is an account that has been used as collateral for a loan or other financial obligation. The account holder has pledged the account as security for the loan, and the lender has the right to seize the funds in the account if the borrower fails to repay the loan.

Example: John wants to borrow $10,000 from the bank to start a business. He doesn't have any assets to use as collateral, so he decides to pledge his savings account as security for the loan. The bank agrees to lend him the money, but only if he pledges his account.

Explanation: In this example, John's savings account is a pledged account because he has used it as collateral for the loan. If he fails to repay the loan, the bank can seize the funds in his account to recover the money it lent him. This is a common practice in lending, as it provides the lender with a way to recover its money if the borrower defaults on the loan.

plebs | plena probatio

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13:59
to be fair to them, many people don't know that
bc i have a friend who went there for med school and wanted me to apply
i have very low expectations but there was not application fee so why not
14:00
fair enough
[] AromaticTroubledDormouse
14:01
all the political calls i've been getting today have been from cities with schools i applied to. truly torture
triplethread
14:04
is osu doing a wave
14:14
@1a2b3c4d26z: buildings are so cool. so neat how they pumped concrete up to the Burj Khalifa https://www.youtube.com/watch?v=VpJ4AjsYp4A
I applied to WashU the first week of September and nothing... but ppl who applied after that have answers lol
I think I'm gonna get WL'ed
ahh I just want an answer from somebody this week
WorthlessAttractiveZombie
14:21
fordham needs to release, i've been geeked this whole day over it
I hope u get an answer soon!
WorthlessAttractiveZombie
14:23
lavender, i looked at the stars last night and they said we're gonna hear from schools this week
heck yeah. I have a feeling we will
I got one answer so far from Mizzou and I was WL'ed but hey it's not the end it's just the beginning
that was Friday
WorthlessAttractiveZombie
14:26
keep swinging until you hear a bell
14:27
im from the future
14:27
kamala wins
14:27
276-262
I think she will too lol
WorthlessAttractiveZombie
14:27
since you're from the future, will fordham release today
14:28
no
WorthlessAttractiveZombie
14:28
fuck alright
14:28
not this week
14:28
dont even get ur hopes up u fool im from the year 2076
TheMidwestMonger
14:28
I'm terrified with how the world will react to Trump losing
WorthlessAttractiveZombie
14:28
damn, next question: should i eat the cheese that's been in my fridge for 3 weeks?
14:28
im pretty sure the world is gonna rejoice??
14:29
yes it is the key to immortality
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