alleryUnder Section 172, a pledge is the bailment of goods as security for:
ASafe custody only
BA gift
CPayment of a debt or performance of a promise
DAn outright sale
Answer & Solution
Correct answer: C. Payment of a debt or performance of a promise
Section 172 defines pledge as bailment of goods as security for payment of a debt or performance of a promise
the bailor is the pawnor and the bailee the pawnee.
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