Section 172 of the Indian Contract Act, 1872 – “Pledge”, “Pawnor” and “Pawnee” defined

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Section 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 the “pawnor”. The bailee is called the “pawnee”.

Source: official text of The Indian Contract Act, 1872 as published on India Code (PDF). All sections of the Indian Contract Act, 1872.

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