Bailment |
Pledge |
Bailment can be for many reasons ranging for reward to gratuitous. |
A pledge is bailment done for a specific type of purpose, which is to secure a loan or performance of a promise. |
The bailee does not get a right to sell the goods. |
A pawnee has a right to sell the goods in case of default. |
The bailee only get a right of lien over the goods. |
A pawnee gets a right of retainer and a special interest in the goods, which is more that just the lien. |
The bailee can use the goods bailed. |
The pawnee has no right to use the goods. |
The bailee is not responsible for the loss, destruction, or deterioration if he uses the goods with reasonable care. |
The pawnee is absolutely liable for the upkeep of the goods. |