What is the difference between a lien and a pledge?

Alberta, Canada


The following excerpt is from Adanac Tire v. Edmonton (Judicial District), 1979 CanLII 1055 (AB QB):

This distinction has been in the law for a century. Willes J. in Halliday v. Holgate (1868), L.R. 3 Ex. 299 (Ex. Ch.), said at p. 302: “There are three kinds of security: The first, a simple lien; the second, a mortgage, passing the property out and out; the third, a security intermediate between a lien and a mortgage — viz., a pledge — where by contract a deposit of goods is made a security for a debt, and the right to the property vests in the pledgee so far as is necessary to secure the debt.”

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