Bailment v/s Pledge: Understanding the Distinction

Yaar, I just had kuchh khatarnaak thought at 2:37am and it struck me that I've been confusing these two terms for 3 months now, aur CLAT PG ke question aate hi mujhe pata chalta hai ki maine galat hai. So, consider this question: "In which of the following cases, the goods were not bailed but were in the lawful possession of the carrier - Mulkiraj v/s Laxmi Chand?" Toh, the correct approach is: first identify that this is a case regarding bailment, then read the case and find out the type of bailment involved, finally compare it with pledge and see the key difference - pledge is essentially a security interest, while bailment is just a transfer of goods for a specific purpose.