Letter PLEDGE OF PERSONAL PROPERTY
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FOR VALUE RECEIVED, the undersigned hereby deposits and pledges with _, [Pledgee] as collateral security to secure the payment of: [Describe debt]
The following personal property [collateral] described as:
It is understood and agreed that:
1. Pledgee may assign or transfer said debt and the pledged collateral hereunder.
2. Pledgee shall have no liability for loss, destruction or casualty to the collateral unless caused by his own negligence.
3. The undersigned shall pay any and all insurance it elects to maintain on the pledged collateral and any personal property, excise or other tax or levy.
4. The undersigned warrants that it has good title to the pledged collateral, authority to pledge same and that it is free of any adverse lien, encumbrance or claim.
5. In the event of default of payment of the debt or breach of this pledge agreement, the Pledgee or holder shall have full rights to foreclose on the pledged collateral and exercise its rights as a secured party pursuant to Article ______________ of the __________
_____________________________________; said rights being cumulative with any other rights the Pledgee may have against the undersigned.
Signed under seal this _ day of _, 20_.
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