Section 172 – THE INDIAN CONTRACT ACT, 1872

“Pledge” “pawnor”, and “pawnee” defined

The bailment of goods as security for payment of a debt or performance of a promise is called “pledge”. The bailor is in this case called the “pawnor”. The bailee is called the “pawnee”.

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CA Bhuvnesh Goyal Partner
CA Bhuvnesh Goyal is a Chartered Accountant with expertise in taxation, finance, and business compliance. He shares practical insights to help readers navigate complex financial matters with ease.