A pledge is a supplementary (accessory) obligation of ensuring the performance of a basic obligation of the pledger (or debtor) to the pledgee (or creditor). For example the pledger may pledge property in order to ensure the mortgage obligation. However it is not excluded that the pledgeer would like to mortgage the same property to ensure other obligations as well. The mortgaged property may become an object of mortgage (pledge).
“A subsequent pledge is allowed if it is not forbidden by prior contracts of pledge,” advocate Arpine Yeghikyan said.
According to the advocate, “In case of a subsequent pledge, the claims of the subsequent pledgee shall be satisfied from the value of the subject of pledge after the satisfaction of the claims of the prior pledge unless otherwise provided by the law.”

Source: Iravaban.net