Pledge , Pledgor, Pledgee

Pledge is not a variety of B ailment. Section 172 of the Contract Act defines a pledge as follows: The b ailment of goods as security for payment of a debt or performance of a promise is called Pledge, The bailor in this case is called the pawn er or the pledger and the bailey is called the Pawnee or the pledgee. The bailee under a contract or pledge does not become an owner but acquires a special property over the goods pledged by virtue of his possession of the goods. Any kind of documents, or valuable, things of a personal nature, may be actual or constructive, and it is pledge, it may be actual or constructive, and it is sufficient if the thing pledged is delivered under the contract without a reasonable time of the lender's advance being made.