Procuring loan through pledging of cocoa trees

bibliographic database
Line

Periodical article

Title:	Procuring loan through pledging of cocoa trees
Author:	Adegboye, R.O.
Year:	1969
Periodical:	The Nigerian Geographical Journal
Volume:	12
Issue:	1-2
Pages:	63-76
Language:	English
Geographic term:	Nigeria
Subjects:	customary law family law pledging
Abstract:	Over the years in Western Nigeria a method of carrying out a lending-borrowing transaction which is acceptable to both the lender and the borrower has been pledging. Economic trees such as cocoa, oil-palm and rubber have gradually become important items in pledging. They have taken the place of a man pledging his own person or that of his close relation. The practice of pledging cocoa trees began when it became illegal (between 1920 and 1930) to pledge human beings and although a rather recent custom is very popular in the Western State of Nigeria. Purpose of this study: to observe the factors that lead to pledging of tree crops, to describe the process by which the pledger/pledgor relationship is established, to evaluate the use of pledging as a loan procuring mechanism with respect to redemption problems, to explore some of the loan procuring opportunities alternative to pledging, to suggest ways by which the present pledging system can be improved having due considerations for the creditor, the debtor and the land on which the trees grow.