📝 One-liners · 66 cards
Contract of Pledge
What is a contract of pledge under the Indian Contract Act, 1872?
A pledge is the bailment of goods as security for payment of a debt or performance of a promise, as defined under Section 172 of the Indian Contract Act, 1872.
Under which section of the Indian Contract Act, 1872 is the contract of pledge defined?
Section 172 of the Indian Contract Act, 1872
Who is called the pawnor in a pledge transaction?
The pawnor is the person who delivers goods as security to the creditor (pawnee) under a contract of pledge.
What type of goods can be pledged under the Indian Contract Act?
Movable goods can be pledged as security
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