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of <h1>Understanding Pledge: Bailment of Goods as Security under Section 172 of the Indian Contract Act, 1872</h1> The Indian Contract Act, 1872, under Section 172, defines a 'pledge' as the bailment of goods provided as security for the payment of a debt or the performance of a promise. In this context, the person who delivers the goods is referred to as the 'pawnor,' while the person to whom the goods are delivered is known as the 'pawnee.'
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