Explain the main characteristics of a pledge.

      

Explain the main characteristics of a pledge.

  

Answers


Maurice
(a) There is delivery of possession from the Pawnor to the Pawnee.

(b) The right of ownership is the goods pledged as a security remains in the pawnor.

(c) A pledge is redeemable within six months, with seven days of grace.

(d) If the pledge is destroyed by fire, the pawn broker is bound to pay the value of the
pledge after deducting the amount of the loan and interest.
maurice.mutuku answered the question on April 26, 2018 at 09:05


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