Question

what is bailment and pledge

Answer 1

In simple terms, bailment refers to hand over or assignment the goods, which involves change in possession but not in the ownership of goods. It is the transfer of goods from one party to another party for some specific purpose. It is not same as pledge, which is just a variant of bailment. Pledge implies a contract, in which an article is delivered or say deposited with the money lender, as security for repayment of a debt owed by him/her or performance of promise.

The main difference between pledge and bailment lies in the use of goods, i.e. the use of goods is prohibited in pledge, whereas in the case of bailment the party to whom the goods are being handed over can use them.



Read more: http://keydifferences.com/difference-between-bailment-and-pledge.html#ixzz4zhvwLC56