Section 172 of ICA : Section 172: "Pledge", "Pawnor" And "Pawnee" Defined
ICA
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Explanation using Example
Imagine Sarah borrows ₹50,000 from John and gives her gold necklace to John as security for the loan. This transaction is a "pledge" under Section 172 of The Indian Contract Act, 1872. Here, Sarah is the "pawnor" as she is the one who has delivered the gold necklace to John, and John becomes the "pawnee" because he has accepted the necklace as security for the money lent to Sarah.
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