Contract of Pledge or Pawn
The bailment of goods as security for payment of a debt or performance of a promise is called pledge. The bailor in this case is called the pledger or pawnor. The bailee is called the pledgee or pawnee.
Essentials of pledge
- Moveable property
- Limited interest
- Transfer of possession
- No transfer of ownership
- Not mere custody
Ye kia hain…Are you serious(The one who published it)???