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”.
Related Judgments
- PHOENIX ARC PVT. LTD. vs KETULBHAI RAMUBHAI PATEL — Supreme Court of India (2021)
- STANDARD CHARTERED BANK AND ANR. ETC. vs CUSTODIAN AND ANOTHER ETC — Supreme Court of India (2000)
- PTC INDIA FINANCIAL SERVICES LIMITED vs VENKATESWARLU KARI AND ANOTHER — Supreme Court of India (2022)
- BALKRISHAN GUPTA AND ORS. vs SWADESHI POLYTEX LTD. AND ANR — Supreme Court of India (1985)
- THE MORVI MERCANTILE BANK LTD. AND ANR. vs UNION OF INDIA, THROUGH THE GENERAL MANAGER, CENTRAL RAILWAY, BOMBAY — Supreme Court of India (1965)
