112. Mortgage distinguished from pledge or pawn.

A pledge is a species of bailment whereby chattels are deposited by way of security with the pledgee, its key characteristic being the actual or constructive delivery1 of immediate possession of the chattels in exchange for the loan but without transfer of ownership2. The pledgor's right to possession is deferred to the repayment of the debt; however, he retains the right to deal with the goods as title-holder subject to the pledge3. It is said that the pledgor retains a general property in the goods, while the pledgee takes a special property4, but this terminology has been criticised5. The