Memorandum of Pledge of Movables

Memorandum of Pledge of Movables


CD of, etc. (the PLEDGEE)

The articles specified in the annexed schedule which I, the undersigned AB of, etc (the PLEDGOR) have this day deposited with you, are to be held as a security for the repayment to you, within ……………. months from this date, of the sum of Rs. …….. which you have this day lent and advanced to me, together with interest at the rate of Rs. …………. per cent. per annum. And I hereby authorize and empower you, in the event of non-payment thereof within that period, to sell the same or cause the same to be sold at any time in any way you may think proper, at my risk and on my account and out of the proceeds of such sale, after paying all costs, charges and expenses of and incidental to the same, to retain, appropriate the said sum of Rs. …………. and interest, and to pay the balance (if any) to me. You would not be liable for any loss or damage of or to the said articles unless caused by your own wilful negligence or default. In case of any shortfall I shall remain personally responsible to pay for the same to you with interest at the aforesaid rate.

Signed, sealed and delivered


The Schedule above-referred to