Indian Contract Act, 1872
176. Pawnee's right where pawnor makes default.—
If the pawnor makes default in payment of the debt, or performance ... 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
Section 172 in The Indian Contract Act, 1872
172. 'Pledge', 'pawnor' and 'pawnee' defined.—
The bailment of goods as security for payment of a debt ... promise is called 'pledge'. The bailor is in this case called the 'pawnor'. The bailee is called 'pawnee
Pledge-
Special property of pawnor-Pawnee's rights whether can be
extinguished by lawful seizure of pawned goods by Government
to satisfy its claims ... against pawnor.
HEADNOTE:
Certain sugar was pledged with the plaintiff bank (appellant
herein) by Defendant No. 2 under a cash credit agreement.
Part
Section 179 in The Indian Contract Act, 1872
179. Pledge where pawnor has only a limited interest.—
Where a person pledges goods in which
Section 177 in The Indian Contract Act, 1872
177. Defaulting pawnor's right to redeem.—
If a time is stipulated for the payment ... performance of the promise, for which the pledge is made, and the pawnor makes default in payment of the debt or performance of the promise
time of the pledge notice that the pawnor has not authority to pledge. Explanation.—In this section, the expressions 'mercantile agent' and 'documents of title
goods." "Where judgment has
been obtained against the pawnor of goods and
execution has issued thereon, the sheriff
cannot seize the goods pawned ... Kennay (1846 (9) Q.B.
592). "On the bankruptcy of the pawnor the
pawnee is a secured creditor in the bankruptcy
with respect
extraordinary expenses incurred.—
The pawnee is entitled to receive from the pawnor extraordinary expenses incurred by him for the preservation of the goods pledged
debt or performance of a promise is called pledge.
Bailor being the pawnor and pawnee being the bailee. What is bailment is
defined by Section ... same time Section 176 provides for pawnee's right when pawnor makes
default. This section reads as follows:
"Pawnee's right where
only a special properly, leaving the general property in the pledger or pawnor; the pledgee or pawnee never has the absolute ownership of the goods ... case of default he must either bring a suit against the pawnor or sell the goods after giving a reasonable notice.
20. Whether a particular
