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The bailment of goods as security for payment of a debt is called _____
- a)pledge
- b)bailment
- c)mortgage
- d)none of these
Correct answer is option 'A'. Can you explain this answer?
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The bailment of goods as security for payment of a debt is called ____...
Pledge as a Bailment of Goods for Security
- Definition: Pledge is a type of bailment where goods are delivered by a debtor to a creditor as security for a debt or obligation.
- Legal Relationship: In a pledge, the legal relationship between the debtor (pawnor) and creditor (pawnee) is established, with the creditor holding possession of the goods until the debt is repaid.
- Transfer of Possession: The possession of the goods is transferred to the creditor, but the ownership remains with the debtor.
- Security for Debt: The goods pledged act as security for the payment of the debt, and if the debtor fails to repay, the creditor has the right to sell the goods to recover the amount owed.
- Common in Financial Transactions: Pledge is commonly used in financial transactions where tangible assets such as jewelry, stocks, or vehicles are offered as security for loans or credit.
By understanding the concept of pledge as a bailment of goods for security, individuals can make informed decisions when entering into such agreements to secure their financial obligations.
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The bailment of goods as security for payment of a debt is called _____a)pledgeb)bailmentc)mortgaged)none of theseCorrect answer is option 'A'. Can you explain this answer?
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