BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: –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 ‘pawnee’.-The bailment of goods as security for payment of a debt or performance of a promise is called ‘pledge’.

Detailed explanation-2: -It is a special type of bailment. It is a bailment of goods as security for payment or performance of duty. The person who pledges the goods (or bailor) is the pledgor or pawner.

Detailed explanation-3: -The bailment is the transfer of commodities from one person to another for a specified purpose. The pledge is the transfer of commodities from one party to another as collateral for debt repayment. It is defined under section 148 of the Indian Contract Act, 1872.

Detailed explanation-4: -There are three types of bailments-those that benefit both parties, those that benefit only the bailor, and those that only benefit the bailee.

Detailed explanation-5: -A type of security interest in which a lender takes possession of personal property as security for an obligation. The personal property involved is also called a pledge. Initially, the lender’s possessory interest is subject to the rules of a bailment or other type of deposit.