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What is Pledge | its Essentials and Advantages | Who May Pledge

Pledge

it is special kind of bailment it is bailment  or transfer of goods as a security for the payment  of debt contract bye which is possession of goods is transfered as security of goods is a pledge  the word pawn is also use in  it is performance of promises is called debt.

Essential of valid

  • delivery of goods .
  • movable of goods.
  • transfer of possession .
  • delivery by should way of security.
  • security by payment of loan.

Advantages of pledge

  • possession of goods.
  • no manipulation.
  • selling of goods.

Who May Pledge

  • pledge by non owner.
  • it is by owner.
  • pledge by mercantile agent.
  • pledge by buyer and seller.
  • pledge by  person in possession under a valid contact.


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