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is transferred to pawnee
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Pursuant to Section 172 of the Indian Contract Act, 1872, a Pledge is a contract where a person deposits an item or good with a lender of money as security for repayment of a loan or performance of a promise. Pledge is also known as a peon. The depositor or bailor is the Pawnor and the bailee or the depository is the Pawnee. The Pawnee is under the duty to take reasonable care of the goods pledged to him.
Rights of the Pawnee on default by the Pawnor
The rights of Pawnee where Pawnor makes default is given under Section 176 of the Indian Contract Act, 1872.
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