New Enroll in our GIC Finance Online Course Here!

    Register

    Question

    Which of the following statements are correct regarding

    Pledge? 1. Pledge is a modified form of a contract of bailment, as inferred from its definition provided in Sec. 172 of ICA (Indian Contract Act) 2. The property that is pledged to the pawnee should be delivered to him, either in actual or constructive form 3. As per Sec. 173 of ICA, 1872, the Pawnee or the receiver of pledged goods has the right to retain the goods pledged until the dues, along with interest and all the necessary expenses are paid by the pawnor. 4. As per Section 175, the pawnee has the right to obtain reimbursement for any such expenses that he had to bear to preserve the goods pledged
    A only 1 and 4 are correct Correct Answer Incorrect Answer
    B 2 and 3 are correct Correct Answer Incorrect Answer
    C 1, 2 and 3 are correct Correct Answer Incorrect Answer
    D All are correct Correct Answer Incorrect Answer
    E None are correct Correct Answer Incorrect Answer

    Solution

    The correct answer is D

    Practice Next

    Relevant for Exams: