PLEDGED ASSET Definition

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PLEDGED ASSET is an asset that is transferred to a lender as security for debt. The lender of the debt takes possession of the pledged asset, but does not have ownership unless default occurs.

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UNIFORM COMMERCIAL CODE (UCC) is a collection of modernized, codified, and standardized laws that apply to all commercial transactions with the exception of real property. Developed under the direction of the National Conference of Commissioners on Uniform State Laws, the American Law Institute, and the American Bar Association (ABA), it first became U.S. law in 1972. Since that time, it has undergone a process of constant revision.

IMMATERIALITY is of complete irrelevance requiring no further consideration.

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