Contract Act, 1872 deals with the
rights of a Pawnee where the Pawner make default. Section 176
Aswale 27/52
::: Uploaded on - 28/06/2016 ... NSCCL CP 3 OF 15.docx
reads as under:-
"176. Pawnee's right where pawnor makes default.--If the pawnor
makes default
these
appeals, is reproduced below for the facility of
reference:-
"176. Pawnee's right where pawnor makes default.-- If
the pawnor makes default ... 2006
respect of which the goods were pledged, the pawnee may
bring a suit against the pawnor upon the debt or promise,
and retain
movable property is placed for money lent and advance and entitled the
pawnee to institute a suit for recovery of the debt and may sale ... pawner. There is
no quarrel to the proposition of law that the Pawnee has a right of action
on his debt notwithstanding possession
that
the High Court has lost sight of right of precedence of pawnee, recognized
in said case.
On the other hand, learned counsel ... instance of the revenue recovery authority from the custody of
the pawnee, the appellant Bank. In view of the fact that the goods were
validly
case supra as follows:
"The section not only gives the pawnee the right to retain the
goods pledged as collateral security but also entitled ... pawnee to
sell the pledged goods after giving the pawnor reasonable notice of
the same. If the proceeds of the sale are less than
that the High Court has lost sight of right of precedence of
pawnee, recognized in said case.
8. On the other hand, learned counsel ... instance of the revenue
recovery authority from the custody of the pawnee,
the appellant Bank. In view of the fact that the
goods were validly
present established leaves an election to the pawnee. He may
file a bill in equity against the pawner for a foreclosure and
sale
transfer of special property in the subject of the security. A pawnee has no right of foreclosure since he never had absolute ownership ... pledge'. 'Bailor' is the 'Pawnor' and 'Pawnee' is the 'Bailee'.
15. Section 148 of the Contract
transfer of special property in the subject of the security. A pawnee has no right of foreclosure since he never had absolute ownership ... pledge'. 'Bailor' is the 'Pawnor' and 'Pawnee' is the 'Bailee'.
15. Section 148 of the Contract
present established
leaves an election to the pawnee. He may file a bill in
equity against the pawner for a foreclosure and sale
