Example: An ornament secures a Rs 60,000 debt.
1. Stage one: the pledgee possesses it; ordinary pledge liability applies.
2. Stage two: the owner has received it on temporary loan; that liability no longer follows the pledgee’s possession, although the debt continues.
3. Stage three: the pledgee has taken the item back; the ordinary pledge liability attaches again.
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Three stages of one pledged item
Kitab al-Rahn: Misuse, Loan Back, Liability and Death of the Pledgor
Example: An ornament secures a Rs 60,000 debt.
1. Stage one: the pledgee possesses it; ordinary pledge liability applies.
2. Stage two: the owner has received it on temporary loan; that liability no longer follows the pledgee’s possession, although the debt continues.
3. Stage three: the pledgee has taken the item back; the ordinary pledge liability attaches again.