A valuable asset alone does not make a valid, completed pledge. Ask in order:
1. Is there an enforceable secured obligation?
2. Have the parties formed a contract by offer and acceptance?
3. Is the asset identified and possessable?
4. Has possession been given in a controlled, vacated and distinct form?
5. Does a prohibited attachment to non-pledged property remain?
Example: the loan and watch are identified, but the watch was never delivered. The pledge is not complete without possession.
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Kitab al-Rahn: Pledge Formation, Possession, Liability and Eligible Collateral
A valuable asset alone does not make a valid, completed pledge. Ask in order:
1. Is there an enforceable secured obligation?
2. Have the parties formed a contract by offer and acceptance?
3. Is the asset identified and possessable?
4. Has possession been given in a controlled, vacated and distinct form?
5. Does a prohibited attachment to non-pledged property remain?
Example: the loan and watch are identified, but the watch was never delivered. The pledge is not complete without possession.