956, the partnership will be considered a pledgor
or guarantor of the obligation and therefore will be treated as holding that obligation.
The parties may remain the same, but their obligations vary and so too do their referenced names: the distributor is referred to by its own name, the customer is referred to as the obligor and the guarantor is referred to as the pledgor
For tri-party account control arrangements, Citi will act as an intermediary between the pledgor
and the secured party, holding pledged collateral in a segregated custody account.
If a bracelet had a retail value of six dollars, the pledgor
could extract a loan up to but not exceeding that amount.