Repossessions: 2.3.4.3 Common Law of the Pledge
For secured transactions that are not covered by Article 9, a court may apply the common law of the pledge.354 A pledge is a transfer of property as security for a debt.355 To create a pledge, there must be a debt, property must be offered to secure the debt, and the property must be transferred from the debtor (pledgor) to the creditor (pledgee).356 Possession, either actual or symbolic, of the pledged property must be delivered to the pledgee in