9. Pledges

The Minor Law Books (SBE33), by Julius Jolly, [1889], at sacred-texts.com

9. Pledges.

* 124. ¹²⁴ That to which a title is given (adhikriyate) is called a pledge. There are two kinds of it: a

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pledge which must be redeemed within a certain time, and a pledge which must be retained till the debt has been discharged.

* 125. ¹²⁵ A pledge is again twofold: one to be kept only, and a pledge for enjoyment. It must be preserved precisely in the same condition (as at the time of its delivery); otherwise the pledgee loses interest.

* 126. ¹²⁶ The same thing happens when the pledge has been injured owing to the negligence of the pledgee. If it has been lost, the principal is forfeited, provided that the loss was not caused by fate or the king.

* 127. ¹²⁷ A pledge (for custody) must not be used

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forcibly. The pledgee who uses it forfeits the interest due to him. Moreover he must make good the value (of the pledge) to the owner. Otherwise he is (considered as) a thief of the pledge.

128. ¹²⁸ That foolish person who uses a pledge without authorization from the owner, shall lose one half of his interest, as a compensation for such use.

129. ¹²⁹ If a pledge for enjoyment has been given, (the creditor) must not take interest on the loan. Neither must he give or sell a pledge (of any sort) before the (stipulated) period has elapsed.

* 130. ¹³⁰ When a pledge, though carefully kept, loses its value after a certain time, (the debtor) must either give another pledge, or discharge the debt to the debtor.

* 131. ¹³¹ When a debtor has been disabled by a reverse of fortune (from paying the debt), he shall be made to discharge the debt gradually, according to his means, as he happens to gain property.

* 132. ¹³² If a wealthy debtor from malice refuses to

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pay his debt, the king shall compel him to pay it by forcible means, and shall take five in the hundred for himself.

133. ¹³³ If the debtor acknowledges the debt with his own mouth, the king shall take from him ten per cent. (of the debt) as a fine; and twice as much (i.e. twenty per cent.) if he has been convicted (after denial of the debt).

134. ¹³⁴ If the debtor, owing to a calamity, has not means sufficient to discharge the whole debt, (the claim of the creditor) shall be entered in a legal document, specifying the caste (of the creditor and debtor), their names, and the names of their neighbours.

Footnotes

72:124 According to Asahâya, the pledge to be released within a specified time is again twofold. It may be either deposited with a 'keeper of the pledge' (âdhipâla), who is to return it on the pledge p. 73 being restored at the time agreed on. Or it may be delivered to the creditor on condition of its being returned after the lapse of a certain period, say five or ten years. The usufruct of a 'pledge to be retained till the debt has been liquidated' shall belong to the creditor for ever, till the debt has been discharged.

73:125 Asahâya gives a house and a field as instances of a pledge for use. By spoiling a pledge of this kind, the pledgee forfeits interest, i.e. he loses the produce of a field, the use of a dwelling-place, &c.

73:126 'Negligence,' with regard to a bull or other pledge for use, means that it is used at an unseasonable time, or too much, for drawing a cart or carrying a burden. With regard to a pledge for custody, it means that it is abandoned. 'When it has been injured,' as e.g. when an animal given as a pledge has lost one eye. 'The king' may cause the loss of the pledge, if he confiscates the whole property of a man and the pledge together with it, on account of a slight offence. The loss is caused 'by fate,' if e.g. a pledge is stolen by a thief. A. Yâgñavalkya II, 59; Vishnu VI, 6.

73:127 Identical with Manu VIII, 144. According to Medhâtithi and Kullûka, the provision that the pledgee must make good the value of the pledge to the owner refers to those cases where the pledge has been injured or spoiled. According to Nârâyana, whose opinion is apparently shared by Asahâya, it means that the pledgee p. 74 must satisfy the owner of the pledge out of the profit derived from the use of the pledge.

74:128 Nearly identical with Manu VIII, 150. See Professor Bühler's note.

74:129 'A pledge for enjoyment' means one where the profit derived from the pledge takes the place of interest. Such a pledge must not be given or sold before the term fixed for its delivery. A.

74:130 Yâgñavalkya II, 60.

74:131 Where the debtor is unable to give another pledge or to restore the loan, he must he made to restore it successively, as best he can, according to his receipts. A. Manu VIII, 177; IX, 229; Yâgñavalkya II, 43.

74:132 The king shall take 5 per cent. as a compensation for the assistance rendered by him. A. Manu VIII, 139; Yâgñavalkya II, 42; Vishnu VI, 21.

75:133 If the debtor, when impeached by the creditor, acknowledges the debt himself, the king shall take 10 per cent. only. If, however, the debtor had undergone the trouble of proving the correctness of his demand against the creditor, the king shall take from him twice as much, i.e. 20 per cent. A. Manu VIII, 139 Yâgñavalkya II, 42; Vishnu VI, 20, 21.

75:134 If a debtor, who has been cast in a suit, has not means sufficient to discharge the whole debt, he shall give a written bond. A. The meaning of the obscure terms gâti, samgñâ, adhivâsa may be gathered from a text of Brihaspati, which is quoted in Nandapandita's Vaigayantî (MS.) III, 74. There these three terms occur in an enumeration of ten points which have to be noticed in a written deed concerning landed property. According to Nandapandita, gâti denotes the caste, Brahmanical or other, of the plaintiff and defendant; samgñâ denotes their names, as e.g. Devadatta; adhivâsa refers to the names of their neighbours.