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Section 172, Contract Act 1872: Pledge, Pawnor, & Pawnee Defined

Section 172 under the Chapter IX (Of bailment) of the Contract Act, 1872 of India - " 'Pledge', 'pawnor', and 'pawnee' defined ", is reproduced hereunder:—

“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".”

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