Contract Act, 1872 Section 172 | “Pledge,” “pawnor”, and “pawnee” defined.

Contract Act, 1872 Section 172

“Pledge,” “pawnor”, and “pawnee” defined.

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 the “pawnor”. The bailee is called the “pawnee”.

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