Pledge means ___________ of goods for purpose of securing a payment of debt or performance of promise.

Pledge is a special kind of bailment in which a person transfers the possession of his property to another for securing the loan taken from the other. It only differs from bailment in the matter of purpose. When the purpose of the bailment is to secure a loan or a promise, it is called a pledge. Section 172 of Indian Contract Act, 1872 defines pledge as the bailment of goods as a security for the payment of a debt or performance of a promise. The bailor in this case is called a Pawnor and the bailee is called Pawnee.