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Posted: Tue Apr 02, 2013 5:00 pm
by Zimmy
what does assest not specifically pledged mean
Posted: Tue Apr 02, 2013 5:07 pm
by sponge
do you mean asset?
Posted: Tue Apr 02, 2013 5:47 pm
by MelanieGiles
It means one which is not subject to any security held by a creditor or creditors.
Posted: Tue Apr 02, 2013 6:13 pm
by sponge
Melanie I'm trying to think for the life of me where that might be applied in practice?
Posted: Tue Apr 02, 2013 6:21 pm
by Foggy
If you own a Picasso (painting not car) outright -- not being used as security for a loan or owt like that -- that is an asset not specifically pledged --- which means it's available for the creditors.
Posted: Tue Apr 02, 2013 6:44 pm
by sponge
Nicely put. Still if you have the car, keep it going for a few hunderd years and it might go up in value, then again maybe not
Posted: Wed Apr 03, 2013 12:05 am
by MelanieGiles
It's simple:-
Charged assets = assets specifically pledged
Non-charged assets = assets not specifically pledged
A house with a mortgage, or a car on HP, would be examples of assets specifically pledged.