Legal Forms
To search for a particular term please use the following search box.
Important Notice : Lawyerintl.com strongly recommends that you seek independent legal advice from a qualified lawyer before using any of the forms on this site, in order that you can verify the forms are suitable for your needs.
Pledge Of Property
PLEDGE OF PROPERTY
For good value, the undersigned deposits and pledges with [Name of Pledgee] as collateral security to secure the payment of the following debts:
The property or collateral described as: [Description of property]
Pursuant to this pledge the following is also agreed:
[Name of Pledgee] may assign or transfer said debt and the pledged collateral hereunder.
[Name of Pledgee] shall have no liability for loss, destruction or casualty to the collateral unless caused by pledgees own negligence.
The undersigned shall pay all insurance it elects to maintain or [Name of Pledgee] reasonably requires on the pledged collateral and shall pay any property, excise or other tax or levy.
The undersigned warrants and represents that good title is had to the property being pledged, full authority to pledge said property is maintained, and the at the pledged property is free of any adverse liens, encumbrances, adverse claims or prior pledge.
Upon default of breach of this pledge agreement, [Name of Pledgee] or holder may foreclose on the pledged collateral and exercise its rights as a secured party pursuant to Article 9 of the Uniform Commercial Code; said rights being cumulative with any other rights [Name of Pledgee] may have against the undersigned.
Upon foreclosure the pledged property may be sold at either public auction or private sale, and the undersigned shall be given reasonable notice of the intended sale; the undersigned may redeem said property at any time before said sale upon payment of the balance due.
Upon payment of the obligation for which the property is pledged, the property shall be returned to the undersigned, and this pledge agreement shall be terminated.
This pledge agreement shall be binding upon and inure to the benefit of the parties, their successors, assigns, personal agents, and representatives.
Upon default the undersigned shall pay all reasonable attorneys fees and costs of collection.
Signed under seal this [Date signed].
Pledgee
Pledgor [undersigned]