Section 172 Indian Contract Act 1872 (“Pledge”, “Pawnor” and “Pawnee” defined)
Section 172 Indian Contract Act 1872
Section 172 of the Indian Contract Act 1872 is about “Pledge”, “Pawnor” and “Pawnee” defined. It is under “Bailments of pledges” of CHAPTER IX of the Act. CHAPTER IX is titled OF BAILMENT.
“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”.
See also:
Section 171 Indian Contract Act 1872 (General lien of bankers, factors, wharfingers, attorneys and policy-brokers)