The right of pledge is a subjective right belonging to the pledgee and is part of the content of the pledge relationship, which, firstly, requires the prior separation of the pledged property from the other property of the pledgor for its realization and, secondly, possesses what is called pledge priority — seniority in relation to the rights of other (non‑pledged) creditors. Using historical, formal‑logical, and systemic research methods, the author proves the obligatory‑legal nature of the pledge. The object of the right of pledge is a property provision that, in the event of a breach of the main obligation, must be provided by the pledgor when enforcing the pledge in court or out of court. Thus, the right of pledge is the claim of the pledgee to the specified provision. The nature of a pledge cannot change depending on the type of pledged property (the subject of the pledge), which should be correctly understood as a subjective civil right subject to alienation by the holder (pledgor) upon fulfillment of the pledge obligation. This is any (not only real) property right not restricted in circulation by law or its nature. The right of pledge exists exclusively within the framework of the obligation that generates it. Termination of this obligation for any reason entails the immediate loss of the pledge right. A complete dependence of the pledge right on obligations is clearly traceable — both the collateral (security) obligation, of which it is a part, and the primary obligation, which is secured by the collateral obligation. A pledge can be classified according to various criteria, which allows for a deeper understanding of its essence. A special case of a pledge is the so‑called anti‑chresis, where the pledgee, who holds the property of the pledgor, is entitled or obligated by contract to use it for one of the following purposes: 1) to satisfy the interests of the pledgor; 2) to satisfy their own interests, including the fulfillment of the principal obligation when the debtor is solvent (this refers not only to securing but also to the method of fulfilling the principal obligation).
Vladislav V. Gruzdev (Wed,) studied this question.