Section 176 in Jammu and Kashmir Contract Act, Svt. 1977 (1920 A.D.)
176. Pawnee's right where pawnor makes default
If the pawnor makes default in payment of the debt or performance, at the stipulated time, of the promise in respect of which the goods were pledged, the pawnee may bring a suit against the pawnor upon the debt or promise and retain the goods pledged as a collateral security; or he may sell the things pledged, on giving the pawnor reasonable notice of the sale.If the proceeds of such sale are less than the amount due in respect of the debt or promise, the pawnor is still liable to pay the balance. If the proceeds of the sole are greater than the amount so due, the pawnee shall pay over the surplus to the pawnor.
