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.
The Pawnee can get the property that was pledged. The delivery should be in accordance with the contract. This delivery are going to be for security functions solely. moreover, delivery of products are going to be subject to a come back condition.