SECTION 172 – “Pledge”“pawnor”,and “pawnee” defined.
The Indian Contract Act, 1872
“Pledge”“pawnor”,and “pawnee” defined.
“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”.