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Glossary entry

Spanish term or phrase:

constituir prenda

English translation:

to create a pledge

Added to glossary by peterinmadrid
Feb 1, 2011 02:44
13 yrs ago
41 viewers *
Spanish term

constituir prenda

Spanish to English Law/Patents Law: Contract(s) Contract
A tal efecto, una vez los Acreedores Pignotaricios efectuén la reclamación al Pignorante de la cantidad debida por éste en concepto de alguna de las Obligaciones Garantizadas y ésta no sea atendida por el Pignorante en el plazo de xx (x) días hábiles a contar desde la recepción de la reclamación, los Acreedores Pignoraticios podrán decidir ejecutar la Promesa de Prenda y constituir prenda, ante Notario y en escritura pública, sobre las acciones que correspondan a cada una de las Obligaciones Garantizadas, de conofrmidad con el cuadro previsto en la Cláusula xx de la presente Promesa de Prenda

[I know that this has already been asked but I think that it is meant in a different way in this case, as this party is not the one making the pledge]
Proposed translations (English)
5 to create a pledge
4 +1 pledge collateral
3 take or create a lien on or over

Discussion

peterinmadrid (asker) Feb 2, 2011:
Thanks a lot, Bill, your explaination was very helpful!
Bill Harrison (X) Feb 1, 2011:
Tom... and Peter Yes it must seem confusing. I see zillions of these. What happens is that the Pledgor grants a power of attorney to the pledge creditor so that in the event of default the pledge creditor can create the pledge acting in the name of the pledgor. This is rather essential with a promise of pledge in order to perfect the security. It is the standard way of doing these things. Peter will almost certainly find in this document that a poder is given to the pledge creditor by the pledgor for this and maybe other purposes.
Adrian MM. (X) Feb 1, 2011:
The question contradicts the giving of a pledge Quote from question: '....as this party is not the one making the pledge....'.
Bill Harrison (X) Feb 1, 2011:
Tom this is.... ... a pledge.
Adrian MM. (X) Feb 1, 2011:
Prenda We need to consider whether this is a 1. pledge 2. charge 3. lien or 4. mortgage of company shares - is the term used by UK business and co. law textbooks, even if it Googles for Oz etc. only.
Bill Harrison (X) Feb 1, 2011:
Peter, You do not 'make' a pledge in this context, you create or grant one. Don't confuse it with pledge in the general sense of promise, as in to pledge allegiance or make a pledge to charity. A pledge here is a specific legal concept which involves transfer of possession of non-real (ie. personal) property as security. It is rather like a mortgage but not over land. With a pledge of shares possession of the shares is handed over to the pledge creditor by the Pignorante (pledgor), who holds them as security.

Proposed translations

5 hrs
Selected

to create a pledge

This is what it means and how it is translated.
Something went wrong...
4 KudoZ points awarded for this answer. Comment: "Thank you, Bill."
+1
41 mins

pledge collateral

Mi lectura :)
Peer comment(s):
agree Claudia Brauer : I agree, that is the right meaning for the context.
1 hr
Thank you, Claudia
Something went wrong...
8 hrs
Spanish term (edited): constituir prenda sobre

take or create a lien on or over

If the Acreedores Pignoraticios as Chargees or Mortgagees (note the UK company textbook term is a mortgage of co. shares) are not the ones giving the charge or mortgage - pledge is often a dictionary-driven concept - then they are taking or creating a third-party lien over those shares. A Company can also do so for unpaid calls.

To collateralise the shares would imply charging the shares for a loan.





Example sentence:

In shareholders\\\' agreements involving two parties (such as a joint venture), sometimes the shareholders will each charge their shares in favor of the other en.wikipedia.org/wiki/Security_interest

The Company has no lien or equitable charge on the members\\\' shares for sums ... A lien on shares is a security and makes the company a secured creditor in ... www.lawnet.lk/docs/articles/international/HTML/ia12.html

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