A person who is the recipient of a gage or pledge, or someone who receives a commitment or security deposit.
From 'gage' (a pledge or security) plus the suffix '-ee,' meaning one who receives. The '-ee' suffix comes from French and Latin origins, creating an agent noun for the recipient of an action, as in 'trustee' or 'lessee.'
Medieval legal language loved these '-ee' words to clarify who received what in contracts—the 'gagee' was the person holding your valuables as security, making the power dynamic crystal clear in just one word!
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