Sample Letter to Bank Regarding Pledge by Customer
As security for due repayment of my loan No. ____________ together with interest, I pledge with you my jewellery of the net weight of 270 grammas (as stated below) valued at the present market rate of over ____________ (Amount).
I offer that in the event of my failing to repay the said loan to the bank together with interest, the bank will stand authorised to dispose of the said jewellery and from the proceeds thereof reimburse itself. I also bind myself to make good any shortfall in connection with my loan obligation.
The notice of demand from the bank shall be deemed by me to have been received if it is sent on my last registered address. I undertake not to raise any objection to the method of sale of my jewellery by the bank and will not claim any damages from the bank on the ground of any irregularity of the sale.
I declare that the said jewellery is of 22 carat genuine gold and I am the sole owner of it and there is no lien on it.
Particulars of jewellery
1. 2 bracelets weighing 45 grams
2. 2 Necklaces weighing 60 grams
3. 8 rings “80”
4. Bangles “85”