Explain the circumstances when a person other than the owner can make a valid pledge.

A pledge is a type of security interest in which a borrower pledges an asset as collateral for a loan. In general, the owner of an asset is the only person who can make a valid pledge. However, there are certain circumstances in which a person other than the owner can make a valid pledge.

1. Agent: If an individual has been authorized as an agent by the owner of the asset, they may make a valid pledge on behalf of the owner. The agent must act within the scope of their authority and provide the lender with proof of their authority, such as a power of attorney.

2. Joint Ownership: In the case of jointly owned assets, all owners have the right to pledge the asset as collateral. Each joint owner is jointly and severally liable for the debt secured by the pledge, meaning that each owner is individually responsible for the entire debt.

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