PLEDGE( Sec. 172, 178, 178A, 179)Â
The bailment of products as security for payment of a debt or performance of a promise is named ‘Pledge’. The bailor is, during  this case, referred to as the ‘pledger’ or ‘pawnor’ and also the bailee is named the ‘pledgee’ or ‘pawnee’. this is often outlined underneath section 172 of Indian Contract Act, 1872.Â