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Pledge Of Stock For Debt
(Unless publicly traded and in "electronic" form, in order to obtain a lien on stock, a physical stock certificate must be given to the creditor. This form is used for a pledge of stock. Includes all needed clauses in relation to the custody of the stock certificate.)
[Name], referred to as Owner, and [Name], referred to as Creditor, agree:
Owner is indebted to Creditor in the sum of $------ for unpaid balance for purchase of the stock;
to secure repayment of the debt, Owner pledges to Creditor [--] shares of Common stock of [Corporation].
Owner agrees to execute all necessary documents to perfect the pledge.
So long as Owner is indebted to Creditor, the Creditor shall have the right to vote the shares.
Creditor shall be entitled to any dividends, and Creditor shall credit the debt with the amount of the dividends collected.
Creditor may optionally reinvest the dividends, and any shares so purchased shall be subject to the pledge.
If Owner is current in the obligation underlying this pledge, Creditor will release portions of the pledged stock as follows:
$------ per share
*** If Required By State Law ***
This Section for Notary:
State of _________
County of ________ [County]
On [Date] before me, [Name of Notary], notary, personally appeared [Name of Person(s) Involved], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
My commission expires: _____