A pledge is a legal mechanism by which specific types of property, as permitted by law, are provided as a security to ensure the debtor’s performance of an obligations under the principal agreement made with the creditor. The pledged property must be physically delivered into the possession of the creditor (pledgee). If the debtor defaults on the agreed obligations, the pledgee has the right to enforce repayment by disposing of the pledged property through procedures prescribed by law, refer as pledge enforcement. Essentially, a pledge transfers the possession of a thing (referred to as “pledged property”) to the pledgee as a mean to secure not only the principal obligation but also any related accessories, thereby, granting the pledgee the status of a secured creditor. The legal framework for pledges is set out in Sects. 747 to 769 which are divided into four main parts: General Provisions; Rights and Duties of a Pledgor and a Pledgee; Enforcement of a Pledge; and Extinction of a Pledge.