Question

Pledge is a bailment of goods as security for payment of a _____.

• A. Debt
• B. Performance of a promise
• C. (A) or (B)
• D. None of the above

Answer 1

Answer: (C)

(A) or (B)

Section 172 states—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’.