Legal Question in Banking Law in India
What is the main difference between lien and pledge?
Asked on 2/16/16, 9:05 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
16.06.2016
Dear Sir / Madam,
A "lien" is a right to hold another's property till the debt on it is paid and settled. A "pledge" is a solemn promise or a thing given as security against a debt or as a token of favour. The primary difference between the two is that a lien is a "right" whereas a pledge is just a "promise".
Regards,
Answered on 2/16/16, 9:23 am
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