Indian Contract Act Section 172 — “Pledge”“pawnor”,and “pawnee” defined

CHAPTER IX OF BAILMENT — Bailments of Pledges

Commercial / Corporate

Summary

When goods are handed over as security for repaying a debt or fulfilling a promise, that arrangement is called a pledge. The person who gives the goods is known as the pawnor, and the person who receives them is known as the pawnee.

Official Text

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”.