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October 26, 2016

Contract of Pledge or Pawn | Essentials & Definition

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

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