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Bailment and Pledge Overview

Definition of PLEDGE

1a : a bailment of a chattel as security for a debt or other obligation without involving transfer of title
b : the chattel so delivered
c : the contract incidental to such a bailment

2a : the state of being held as a security or guaranty

b : something given as security for the performance of an act

Definition of BAIL
transitive verb
: to deliver (personal property) in trust to another for a special purpose and for a limited period

Definition of CHATTEL
: an item of tangible movable or immovable property except real estate and things (as buildings) connected with
real property

Hence the NAME (ESTATE) is PLEDGED as BAIL and used as CHATTEL.

BERTH, n. [from the root of bear.]

1. A station in which a ship rides at anchor, comprehending the space in which she ranges. In more familiar
usage, the word signifies any situation or place, where a vessel lies or can lie, whether at anchor or at a
wharf.

2. A room or apartment in a ship, where a number of officers or men mess and reside.

3. The box or place for sleeping at the sides of a cabin; the place for a hammoc, or a repository for chests,
&c.;

To berth, in seamen's language, is to allot to each man a place for his hammoc.

VAS'SALAGE,

1. The state of being a vassal or feudatory.

2. Political servitude; dependence; subjection; slavery. The Greeks were long held in vassalage by the Turks.

Bailment is ended when its purpose has been achieved, when the parties agree that it is terminated, or when the
bailed property is destroyed. A bailment created for an indefinite period is terminable at will by either party, as
long as the other party receives due notice of the intended termination. Once a bailment ends, the bailee must
return the property to the bailor or possibly be liable for conversion.

BAILOR "person who delivers personal property to another to be held in bailment- the one who places the thing
in trust." 27 S.E. 487, 488. The bailor need not be the owner of the property involved.

BAILMENT "delivery of personal property in trust," 277 S.W. 2d 695, 698; "delivery of a thing in trust for some
special object or purpose and upon a contract, express or implied, to conform with the object or purpose of the
trust," 75 S.W. 2d 761, 764; also, that relationship which arises where one delivers property to another to keep for
hire, and control and possession of the property passes to the keeper or bailee. 108 A. 2d 168, 170. "An express
agreement between the parties is not always necessary. The element of lawful possession, however created,
and the duty to account for the article as the property of another is sufficient," 351 P. 2d 840, 842; e.g., the finder
of mislaid property becomes a bailee thereof.

SURRENDER, estates, conveyancing.

1. A yielding up of an estate for life or years to him who has an immediate estate in reversion or remainder,
by which the lesser estate is merged in the greater by mutual agreement, Co. Litt. 337, b.

2. A surrender is of a nature directly opposite to a release; for, as the latter operates by the greater estate
descending upon the less, the former is the falling of a less estate into a greater, by deed. A surrender
immediately divests the estate of the surrenderer, aud vests it in the surrenderee, even without the assent
(q. v.) of the latter. Touchs. 300, 301.

3. The technical and proper words of this conveyance are, surrender and yield up; but any form of words; by
which the intention. of the parties is sufficiently manifested, will operate as a surrender, Perk. _607; 1 Term
Rep. 441; Com. Dig. Surrender, A.

4. The surrender may be express or implied. The latter is when an estate, incompatible with the existing
estate, is accepted or the lessee takes a new lease of the same lands. 16 Johns. Rep. 28; 2 Wils. 26; 1
Barn. & A. 50; 2 Barn. & A. 119; 5 Taunt. 518, and see 6 East, R. 86; 9 Barn. & Cr. 288 7 Watts, R. 128. Vide,
generally, Cruise, Dig. tit. 32, c. 7; Com. Dig. h. t.; Vin. Ab. h. t.; 4 Kent, Com. 102; Nels. Ab. h. t.; Rolle’s Ab.
h. t. 11 East, R. 317, n.

5. The deed or instrument by which a surrender is made, is also called a surrender. For the law of
presumption of surrenders, see Math. on Pres. ch. 13, p. 236; Addis. on Contr. 658-661.

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