Tag: pawnor

PLEDGE( Sec. 172, 178, 178A, 179) 

PLEDGE( Sec. 172, 178, 178A, 179) 

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.