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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 [$------] for unpaid balance for purchase of the stock;
to secure repayment of the debt, Owner pledges to Creditor [--] shares of Common stock of [Name].
Owner agrees to execute all necessary documents to perfect the pledge.
So long as Owner is indebted to Creditor, the Creditor shall have the right to vote the shares.
Creditor shall be entitled to any dividends, and Creditor shall credit the debt with the amount of the dividends collected.
Creditor may optionally reinvest the dividends, and any shares so purchased shall be subject to the pledge.
If Owner is current in the obligation underlying this pledge, Creditor will release portions of the pledged stock as follows:
[$------] per share
In connection with this Pledge and the transactions contemplated hereby, each party to this Pledge will execute and deliver any additional documents and perform any additional acts that may be necessary or appropriate to effectuate and perform its obligations under this Pledge and the transactions contemplated hereby.
This Pledge contains the entire pledge of the parties and there are no other promises or conditions in any other pledge whether oral or written. This Pledge supersedes any prior written or oral pledges between the parties.
No Assignment. Neither this pledge nor any right or interest thereunder shall be assigned in any respect whatsoever.
Exclusion of Oral Statements. This instrument contains all of the pledges of the parties. No oral or other statements shall be binding on either of the parties hereto.
This Section for Notary:
STATE OF -------)
) ss: [date]
COUNTY OF ------)
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.
[Name of Notary Public]
My commission expires: [date]