3.3 Basic Features of Valid Pledge

1. Delivery of possession — actual (ornaments handed over), constructive (goods attorned — the warehouseman acknowledges the pawnee), or symbolic (the key of the godown, the document of title endorsed — mercantile practice's staple).2. Specific, existing, movable goods — immovables take mortgage instead (Property Law, Semester 3); intangibles are pledged through their documents.3. Security purpose — a debt or performance must back the delivery.4. Ownership stays with the pawnor — only possession and a security interest shift; the pawnee is not owner.5. Redemption right — the pawnor can reclaim on paying what is due (the pawn's essence: a security, not a sale).6. The general contract law's essentials (capacity, consent, lawful object — Law of Contract-I, Units 2–5) apply at formation.