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LAW RELATING TO SECURITIES AND MODES OF CHARGE II PART 2 AND PLEDGE
What is a pledge in the context of banking law?
A pledge is a bailment of goods as security for payment of a debt or performance of a promise, governed by Sections 172–179 of the Indian Contract Act, 1872.
What is the legal provision governing pledge under Indian law?
Pledge is governed by Sections 172-179 of the Indian Contract Act, 1872.
Who is called the 'ppledgor' and who is called the 'pledgee' in a pledge transaction?
The person who delivers goods as security is called the pledgor (borrower), and the person to whom the goods are delivered is called the pledgee (lender/bank).
What is the pledgee's right to retain goods called?
The pledgee's right to retain goods is called the right of retainer.
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