Security and Pledge – Pledge may be given to secure third party’s obligation

Security and Pledge – Pledge may be given to secure third party’s obligation

Art. 3148. Pledge securing an obligation of another person. A person may pledge his property to secure an obligation of another person. In such a case, the pledgor may assert against the pledgee any defense that the obligor could assert except lack of capacity or discharge in bankruptcy of the obligor. The pledgor may also assert any other defenses available to a surety.