Study On Pledge By Non Owen

Authors: K. Antony, Student of Saveetha School of Law, Saveetha University

Best Citation – K. Antony, Study On Pledge By Non Owen, Indian Journal of Legal Review (IJLR), 3 (1) of 2023, Pg. 507-518, ISSN – 2583-2344.

ABSTRACT

A pledge of land is that the equivalent of the English weish mortgage wherever possession of land is given to the grownup either for an explicit or indefinite amount. Pledges of land are of two types: non-self liquidating pledge and self- liquidating pledge. Non- self liquidating pledge arises wherever the owner or occupier of land, in thought for an advance of cash or money value offers possession and use of a chunk of land to the pledgee human till he the pledgor repays the loan. Self liquidating pledge or term pledge applies during a scenario wherever the pledgor doesn’t ought to pay any cash so as to redeem for redemption is automatic in most cases particularly once the expiration of a given time-frame. A pledge of land is an autochthonous reasonably mortgage by that an owner occupier of land so as to secure an advance of cash or money’s value offers possession and use of the land to the pledge human till the debt is absolutely discharged; A pledge in customary law is akin to some reference to a mortgage in common law. Even with the origination of the land Use Act the character of a pledge has not modified, as what’s concerned during a pledge is simply a right of occupancy . a right to the possession and use of the land. The pledge confers sure rights on each the grownup and also the pledgor in relevancy the land. All the rights are customary law rights, because the pledge could be a customary law dealing.

KEYWORDS: Pledge,possession,customary,law,rights,owner