"PLEDGE", "PAWNOR" AND "PAWNEE" DEFINED The bailment of goods as security for payment of a debt or performance of a
SECTION 172: "PLEDGE", "PAWNOR" AND "PAWNEE" DEFINED The bailment of goods as security for payment of a debt or performance of a promise is called 'pledge". The bailor is in this case called the "pawnor". The bailee is called the "pawnee".