Bailment and Pledge
Bailment and Pledge
Bailment and Pledge
MEANING OF CONTRACT
OF BAILMENT (Sec. 148)
PARTIES TO A CONTRACT
OF BAILMENT (Sec. 148)
ILLUSTRATION
ILLUSTRATION
2. Existence of Goods
4. Purpose of delivery
6. Delivery of Possession:
The most important characteristics is delivery
of possession and not mere custody. One who
has custody without possession like a servant
is not a bailee
1. Actual Delivery
of owner.
EXPENSES OF BAILMENT
Then
(a) the bailor may compel the bailee to
return the goods before expiry of the
period of bailment; but
DUTIES OF A BAILEE
1. Duty to Take reasonable care
[Sec 151]
The bailee must take such case of
goods as a man of ordinary prudence
would take care of his own goods.
The bailee shall not be liable for any
loss or destruction of goods, if
(a) he is not negligent; or
option of the
bailor; and
consent
expired ; or
bailee;
RIGHTS OF A BAILOR
RIGHTS OF A BAILEE
.
1. Right to compensation [Sec 164]
c. Wharfingers.
d. Attorneys of a High Court,and
e. Policy Brokers
A. Bankers.
A general lien can be exercised by bankers,
attaches to all goods and securities deposited
with them as bankers by a customer or a third
person on a customers account, provided that
there is no contract express or implied
inconsistent with such lien
b. Factors:
Factor both in India and England means an
agent entrusted with possession of goods for
the purpose of selling them for his principal.
He is given the possession of the goods in the
ordinary course of his business for the purpose
of sale.
In E.H. Parakh v King Emperor, AIR 1926
Oudh 202,
(c) Wharfingers:
Wharf a place adjacent to water, used for
the purpose of loading and unloading goods
which is in transit via waterbody
Wharfinger- one who owns or keeps a wharf,
manages it.
TERMINATION OF BAILMENT
Implied Agreement
Duties of Finder
A finder of lost goods is treated as Bailee of
goods found. His duties are
(a) To take initiative to find the real owner of
the goods,
(b) To take reasonable care of the goods found,
.
PLEDGE
MEANING OF PLEDGE, PAWNOR,
PAWNEE (Sec.172)
1. Contract
2.Goods
3. Delivery
4. Purpose of delivery
The goods must be delivered for some
purpose.
The purpose must be to deliver the goods as
security for
(a) payment of a debt; or
(b) performance of a promise.
5.Return of goods
The delivery of goods must be conditional
The condition shall be that the goods shall
be
promise,
with
respect to possession or for
preservation of goods pledged.
.
(c) Surplus / Deficit on Sale : When there is
a surplus on sale, Pawnee shall pay the excess
to the Pawnor. In case of deficit, Pawnor shall
be liable for the balance amount.
.
In Prabhat Bank Ltd. vs Babu Ram
.
RIGHTS OF A PAWNOR (Sec.177)
DUTIES OF A PAWNOR
(Sec.175)
risks.
DUTIES OF PAWNEE
1. Not to use the goods
The pawnee must not mix his own goods with the goods
pledged.
5. Return increase in goods
BASIS
PLEDGE
BAILMENT