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In the context of business law, a pledge is a type of security interest where goods are transferred by the pledger (borrower) to the pledgee (lender) as collateral for a loan or obligation. The rights and responsibilities of both parties, the pledger and the pledgee, are clearly defined in the law, particularly under the Indian Contract Act, 1872. The pledger, who is the borrower or the person giving the goods as security, has several key rights and responsibilities. One of the primary responsibilities of the pledger is to deliver the goods to the pledgee. These goods must be tangible and capable of being possessed. The pledger also has the responsibility to ensure that the goods pledged are in a condition that does not affect their value or make them unsuitable for the intended purpose of the loan or transaction. The pledger must not remove or transfer the goods to another party while they are pledged, _______ ____ __________ _____ _________ _______ __________ ______ ______ ______ ____ _____.
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