Also known as: gages · gaged · gaging · pledge · security
Written by attorneys · grounded in primary & secondary sources — see below
A pledge or other thing deposited as security for the performance of an obligation. The holder of the gage may retain it until the underlying duty is fulfilled and may enforce rights in the property upon default.
Gwen Gallagher borrowed funds from Gulfstream Aviation to purchase warehouse property. She executed a deed pledging the real estate as gage to secure repayment. When Gwen defaulted on the installments, Gulfstream initiated foreclosure to satisfy the debt from the pledged land.
Gordon Gray, a client, owed substantial legal fees to his attorney. The attorney proposed taking a gage in Gordon's commercial building to secure the unpaid balance. The arrangement required full written disclosure and Gordon's opportunity to consult independent counsel before the security interest could attach.
Select any source to read its text and confirm it supports the definition.
George Garcia placed equipment as gage on land belonging to another to secure a debt. When the landowner attempted to remove the equipment, George entered the parcel to retrieve and safeguard the pledged items. The entry occurred on land where the possessor held a legally protected security interest.
Guadalupe Gallegos transferred valuable artwork as an irrevocable gage to secure a family obligation. Because the transfer was permanent and could affect her future finances, she needed the mental capacity both to make a will and to understand the lasting impact on her security and dependents.
Giselle Guerrero sought to pledge assets located abroad as gage for a domestic loan. An executive order restricting dealings with nationals from certain countries applied rational basis review and upheld the restriction because it advanced a stated national security purpose.
Guardian Insurance obtained a preliminary injunction against a competitor. The court required Guardian to post a gage in the form of a bond sufficient to cover costs and damages if the injunction later proved wrongful. No bond was demanded from the United States or its agencies.
A gage is a pledge or security device by which property is given to secure an obligation. The holder may retain the property until the duty is performed and may foreclose upon default.
A gage creates only a security interest. The pledgor retains the right to redeem upon payment. Title does not pass absolutely until default and foreclosure.
A lawyer may acquire a security interest in client property only if the transaction is fair, fully disclosed in writing, the client is advised to seek independent counsel, and the client gives informed written consent.
Many security interests, including mortgages, must satisfy statute-of-frauds requirements, but the underlying obligation itself may be oral or written depending on state law.
…shape an individual’s destiny. As the Supreme Judicial Court of Massachusetts has explained, because “it fulfils yearnings for security, safe haven, and connection that express our common humanity, civil marriage is an esteemed institution, and the decision whether and whom to marry is among life’s momentous acts of…