the word pledge is defined under section 172 of Indian Contract Act 1872 pledge ,Pawnee or pledgee

In the basis of goods as security of payment of debt or performance of promise is called pledge the bailor in  this case is the pawnor and the Bailee is called as the Pawnee

It serve as security the payment of debt all performance of promise.It  is a kind of bailment of goods with special purpose the good pledge for that is served as a security for the payment of debt or performance of promise the person pledging the goods is known as a pawnor and the person with whom the goods are placed are known as pawnee

Pledge is a formal promise or undertaking the act of providing something as a security for obligation of payment of debt or other deposit of person property or creditor as a security for debt or obligation

Ray Andrew  brown has described pledge in following words of pledge is a bailment of personal property to secure and obligations of bailor if the purpose of the transaction is to transfer the property for security only the court will hold the transaction of pledge even though inform it may be sale or other out-and-out transfer.

The term plan has been also described as a bailment of movable property by the way of security position is given and the transaction involved such transfer of special property in subject of the security.

The essential of pledge

• In order to constitutes a valid click the following requirements must be satisfied
• There must be a bailment of goods that is the delivery of goods shall be made from one person to another.
• The purpose of such bailment is to make the goods bailed as a security for bailment of payment of the debt or performance of a promise