Bailment and Pledge in Contract Act | Bailment vs Pledge | Difference between Pledge and Bailment

🔴 What is Bailment?
Bailment is a legal term referring to the transfer of possession of a good. This transfer is from the bailor to the bailee. The purpose of bailment can vary. It can be for safekeeping, repair, or use of the good. The bailee must return the good after the agreed purpose is fulfilled. During the bailment, the bailee cannot use the good for any other purpose. The risk of loss generally falls on the bailee.
🔴 Parties Involved
The following parties are involved in bailment:
🗣️ Bailor: The bailor is the person who owns the good and transfers its possession to the bailee. The bailor does this for a specific purpose, such as safekeeping, repair, or use of the good.
🗣️ Bailee: The bailee is the person who receives the good from the bailor. The bailee holds the good for a specific purpose agreed upon with the bailor. After fulfilling this purpose, the bailee must return the good to the bailor. The bailee cannot use the good for any other purpose and generally bears the risk of loss.
🔴 What is Pledge?
Pledge is a legal term that refers to the transfer of a good’s possession to secure a debt. The pledgor gives the good to the pledgee. The pledgee holds the good until the debtor repays the debt. If the debtor fails to repay, the pledgee has the right to sell the good. The pledgor bears the risk of loss. This process involves three parties:the pledgor, the pledgee, and the debtor.
🔴 Parties Involved in Pledge
The following parties are involved in the pledge:
🗣️ Pledgor: The pledgor is the person who owns the good and transfers its possession to the pledgee. The pledgor uses the good as security for a debt or obligation.
🗣️ Pledgee: The pledgee is the person who receives the good from the pledgor. The pledgee holds the good until the debtor repays the debt. If the debtor fails to repay, the pledgee has the right to sell the good.
🗣️ Debtor: The debtor is the person who owes the debt or obligation. The debtor’s repayment of the debt leads to the return of the good from the pledgee to the pledgor. If the debtor fails to repay, the good may be sold by the pledgee.
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🔴 This video might be useful for students preparing for -
🗣️ 11th Commerce #11thcommerce
🗣️ 12th commerce boards #12thcommerce
🗣️ CSEET(CS FOUNDATION ICSI) #cseet
🗣️ CA Foundation #cafoundation
🗣️ UGC NET COMMERCE #ugcnetcommerce
🗣️ LLB #llb
🗣️ UGC NET LAW #ugcnetlaw
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🔴 In this video - #padhakulog
Teacher's Name - CS Payal Popli
Topic - Bailment | Pledge | Difference between Bailment and Pledge
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