North Dakota Code 35-06-01 – Pledge defined
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Pledge is a deposit of personal property as security for the performance of another act. Every contract by which the possession of personal property is transferred as security only is a pledge and its validity and effect are governed by the provisions of this chapter except as modified by the provisions of title 41.
Terms Used In North Dakota Code 35-06-01
- Contract: A legal written agreement that becomes binding when signed.
- Personal property: All property that is not real property.
- Personal property: includes money, goods, chattels, things in action, and evidences of debt. See North Dakota Code 1-01-49