وإن كان مؤجلا أخذ منه قيمة العبد
Translation: If the debt is deferred, the person’s value is taken from the pledgor.
The payment date has not arrived, so manumission alone does not make the underlying debt immediately due. Yet the pledged security has disappeared. The historical rule therefore places a replacement value under pledge.
Taking substitute security and collecting a matured debt are distinct legal acts.
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Deferred debt: value replaces collateral
Kitab al-Rahn: Manumission, Destruction and Liability for Injury
وإن كان مؤجلا أخذ منه قيمة العبد
Translation: If the debt is deferred, the person’s value is taken from the pledgor.
The payment date has not arrived, so manumission alone does not make the underlying debt immediately due. Yet the pledged security has disappeared. The historical rule therefore places a replacement value under pledge.
Taking substitute security and collecting a matured debt are distinct legal acts.