What is meant by pledge? Describe its essential features.

Question

12 May 2025

Answer :

Word Count : 317

A pledge, in the context of Business Law, refers to a bailment of goods as security for the payment of a debt or performance of a promise. The concept is governed under the Indian Contract Act, 1872, particularly in sections 172 to 179. In a pledge, one party (the pawnor) delivers goods to another party (the pawnee) with the understanding that the goods ________ ___ ________ _______ _______ ______ ___ ___ _______.
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