Agreement for pledge with authority to sell if pledge is not redeemed within agreedperiod
MEMORANDUM that I (pledgor) of (address, etc.) authorise (Pledgee) of (address, etc.) the Pledge__________ months after this date if not sooner redeemed to sell by public auction or private contract the following articles as fully described in the Schedule hereto, which I have this day deposited with him to be held by him as security for the sum of Rs_______which he has this day lent to me together with interest thereon from this date at the rate of, _______per cent per annum until repayment.
If the said articles be sold as authorised the said Pledgee is out of the proceeds of sale to pay all expenses and to retain the principal and interest as aforesaid and to pay the surplus (If any) to me.
The said (Pledgee) is compowered by me to deliver the said articles to any person producing to him the counterpart of this Memorandum of Pledge now handed to me upon such person paying to him the said (Pledgee) the principal interest and all expenses then due hereunder.
THE SCHEDULE ABOVE REFERRED TO:
(Full description of the articles pledged)
[Signature of Pledgor]
The articles described in the Schedule above referred to have been this day deposited with me (pledgee) by (Pledgor) of (address, etc.) as security for a loan of Rs……..upon the terms agreed to by him as testified by his signature to these presents this day.
Dated, the................ day of........... 20......
[Signature of Pledgee]