A pledge is a “bailment of goods as security for payment of a debt or performance of a promise”. The bailor is called the “pawnor” and the bailee is called the “pawnee”. In the case of pawn, there is no transfer of property in goods. Only possession of the goods is transferred. Hence, it is different from mortgage. Pawn is also different from lien, as in the case of lien, there is not power to sell the article while a pawnee can sell, subject to some conditions.
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