Under the classical pledge rule, when possessed collateral perishes, the secured obligation is discharged to the extent of the lesser of its legally assessed value and the debt. The creditor is deemed to have received that part of the claim, even without physically receiving coins.
If the countervalue owed is 40,000 and the pledged value is 40,000, destruction during the session can provide constructive receipt. If the secured value is only 25,000, the remaining 15,000 has not automatically been paid.
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Why constructive satisfaction is recognized
Kitab al-Rahn: Salam, Sarf, Third-party Custody and Fungible Collateral
Under the classical pledge rule, when possessed collateral perishes, the secured obligation is discharged to the extent of the lesser of its legally assessed value and the debt. The creditor is deemed to have received that part of the claim, even without physically receiving coins.
If the countervalue owed is 40,000 and the pledged value is 40,000, destruction during the session can provide constructive receipt. If the secured value is only 25,000, the remaining 15,000 has not automatically been paid.