Pledge: Meaning, Nature and Essentials
Meaning of Pledge Section 172 of the Indian Contract Act, 1872, defines “pledge”, “Pawnee” or “Pledgee” as follows: “The bailment of goods as security for payment of a debt or performance of a promise is called ‘pledge’. The bailor is in this case called ‘pawnor’. The bailee is called the ‘pawnee’.” ‘Pledge’ or ‘Pawn’ is … Read more