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Nature of Pledge




If a pawnor makes default in payment of the debt in respect of which the goods were pledges , the pawnee may bring a suit against the pawnor and retain the goods pledged as securities .
If the proceeds of such sales are less than the amount due in respect of the debt , the pawnor is still liable to pay the balance .If the proceeds of the sales are greater than the amount so due , the pawnee shall pay over the surplus to the pawnor

In: Management Asked By: [54 Blue Star Level]
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