pignoración

Pignoración is a legal concept related to collateral or security for a debt. It originates from the Latin word "pignus," meaning pledge or pawn. Essentially, pignoración involves a debtor (the pledgor) transferring possession of a movable asset, such as personal property or securities, to a creditor (the pledgee) as a guarantee for the repayment of a loan or fulfillment of an obligation. This transferred asset is called the pledge or pawn.

The purpose of pignoración is to provide the creditor with recourse if the debtor defaults on their obligations. If the debt remains unpaid, the creditor has the right to sell the pledged asset to recover the amount owed. The ownership of the asset typically remains with the debtor, but the creditor holds a possessory interest and a right to satisfaction from the asset. This differs from a mortgage, which typically involves immovable property.

The legal framework surrounding pignoración varies by jurisdiction, but common elements include the need for a valid agreement, the transfer of possession, and the rights and responsibilities of both the pledgor and the pledgee. It is a fundamental mechanism in finance and commerce, facilitating lending by reducing the risk for creditors. The specific types of assets that can be pledged and the procedures for realizing the collateral are subject to statutory regulations.