Characteristics of a pledge

Characteristic of a pledge;

1. There is delivery of possession from the Pawnor to the Pawnee.
2. The right of ownership is the goods pledged as a security remains in the pawnor.
3. A pledge is redeemable within six months, with seven days of grace olded.
4. 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.