فَإِنْ هَلَكَ فِي مَجْلِسِ الْعَقْدِ
Translation: If it perishes during the contract session.
The original text identifies an exceptional case: the pledge was properly possessed and then perished within the very contracting session. Its pledge liability can amount to constructive settlement of the countervalue, so salam or sarf may be completed to the applicable extent.
This does not apply to an unpossessed promise of security. Actual valid custody and the amount of liability must first be established; only then is an equivalent constructive receipt recognized.
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Collateral perishing during the session
Kitab al-Rahn: Salam, Sarf, Third-party Custody and Fungible Collateral
فَإِنْ هَلَكَ فِي مَجْلِسِ الْعَقْدِ
Translation: If it perishes during the contract session.
The original text identifies an exceptional case: the pledge was properly possessed and then perished within the very contracting session. Its pledge liability can amount to constructive settlement of the countervalue, so salam or sarf may be completed to the applicable extent.
This does not apply to an unpossessed promise of security. Actual valid custody and the amount of liability must first be established; only then is an equivalent constructive receipt recognized.