PIGNUS

Contract	PIGNUS
Object	Guarantee of a debit/ Pledge
Definition	Pignus was a contract in which a debtor delivered a thing to his creditor as security for the debt. The delivery of the thing gave rise to the obligation on the part of the debtor to return it upon payment of the debt.
Type of contract	Real – perfected by the delivery of the thing-, bonae fidei
Parties	Pledgor (debtor)     in this contract both parties were benefitted Pledgee (creditor)
Obligations	Pledgee: to return the thing upon payment – in case he excercised the right of sale if the debt was not paid, he had to return the balance of the proceeds after paying himself the amount of the debt)   Pledgor: expenses caused by the thing to the pledgee
Features	There were three kinds of pignus in Roman Law: Pignus: Mobile objects- the pledge has material possession of the thing Hypotheca: it is similar to the modern mortgage – no material transfer of the thing Antichresis
Essential Elements	Credit Delivery of the Object Ownership of the object (if something was given in pignus, it could be sold in case of default of payment. If a third party allowed a thing to be pignus of someone else's credir, he was guaranteeing the other person's credit himself)
Standard of care	Because both parties benefitted the standard of care is Omnia diligentia (culpa levis- bonus pater familiae- objective standard)
Action	Pledgee: Actio pignoraticia directa Pledgor: Actio pignoraticia contraria