Explanation:

The person who can create a valid pledge:

A person who is in possession of goods under a voidable contract can make a valid pledge of the goods if at the time of pledge the contract was not rescinded.

Mercantile Agent: A mercantile agent, who is, with the consent of the owner, in possession of the goods or of the documents of title to goods, can make a valid pledge of the goods while acting in the ordinary course of business of a mercantile agent.

Possession under a voidable contract: A person having possession of goods under a voidable contract can make a valid pledge of the goods so long as the contract is not rescinded.

Possession with co-owner: If ONE of several co-OWNERS is in SOLE possession of the goods with the consent of the owners, he can make a valid pledge of the goods.

Pledge by SELLER or buyer in possession after the sale: A seller who has got possession of goods EVEN after the sale can make a valid-pledge, provided the pawnees act in good faith.

Pledge by a buyer in possession of goods before the sale: Sometimes, a buyer may obtain possession of the goods with the consent of the seller before sale.

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