If the contracting parties authorized the trustee to sell the pledge, can the trustee sell the value of the destroyed pledge?
General Chapter
Al-Mughni
Book of Pledges (Collateral)
Primary text
According to the predominant view of the school (Qadi's opinion based on the madhhab), the trustee may sell the value because the value takes the place of the original pledge, similar to how one can sell the increment (nama') of the pledge following the principal object. Therefore, the value is more entitled to be sold.
Supporting text
The companions of Imam Al-Shafi'i hold that the trustee cannot sell the value because they are acting based on prior permission; thus, they cannot sell what they were not explicitly permitted to sell. The object whose sale was authorized has been destroyed, and its value is something different.