What is pledge ........

Indian Contract Act (ICA)1872 Pledge and Bailment

What is pledge?

The bailment of goods as security for payment of a debt or performance of a promise

The delivery of goods by one person to another for some purpose, upon a contract that they shall, when the purpose is accomplished, be returned or otherwise disposed of according to the direction of the person delivering them

A contract by which one party promises to save the other from loss caused to him by the contract of the promisor himself, or by the conduct of any other person

a contract to do or not to do something, if some event, collateral to such contract, does or does not happen

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Explanation:

Section 172 of the Contract Act –
172. "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 "pawnor". The bailee is called "pawnee".