Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Contract of Pledge
#1
The bailment of goods as security for payment of debt or performance of a promise is called 'Pledge'.

the bailor is in this case called 'pawnor'.
the bailee is called 'pawnee'.

example of pledge is gold loan.

the pawnee can retain the goods pledged, not only for payment of the debt/interest on the debt but also for all necessary expenses incurred by him in preservation of the goods pledged.
Reply




Users browsing this thread: 1 Guest(s)