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Bailment & pledge-12
 

Bailment & pledge-12

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    Bailment & pledge-12 Bailment & pledge-12 Presentation Transcript

    • Bailment and pledge
    • Bailment
    • Requisites of bailment1) Contract2) Delivery of possession3) For some purpose4) Return of specific goodsBailment is concerned only with goodsConsideration in a contract of bailment
    • Classification of bailmentAccording to the benefit derived by the parties: For the exclusive benefit of the bailor For the exclusive benefit of the bailee For the mutual benefit of the bailor and the baileeBailment may also be classified into: Gratuitous bailment Non-gratuitous bailment or bailment for reward
    • Duties of bailor1. To disclose known faults2. To bear extraordinary expenses of bailment3. To indemnify bailee for loss in case of premature termination of gratuitous bailment4. To receive back the goods5. To indemnify the bailee
    • Duties of bailee1. To take reasonable care of the goods bailed.2. Not to make any unauthorized use of goods.3. Not to mix the goods bailed with his own goods.4. Not to set up an adverse title.5. To return any accretion to the goods.6. To return the goods.
    • Rights of bailor1. Enforcement of rights.2. Avoidance of contract.3. Return of goods lent gratuitously.4. Compensation from a wrong-doer.
    • Rights of bailee1. Delivery of goods to one of several joint bailors of goods.2. Delivery of goods to bailor without title.3. Right to apply to court to stop delivery.4. Right of action against trespasser.5. Bailee’s lien.
    • Law relating to lien1. Particular lien2. General lien
    • Rights of bailor & bailee against wrong-doer Suit against wrong-doer. Apportionment of relief.
    • Have a break!
    • Finder of goodsRights of finder of goods Right of lien Right to sue for reward Right of saleObligations of finder of goods
    • Liability of hotel-keepers, inn- keepers, common carriers
    • Termination of bailment1. On the expiry of the period.2. On the achievement of the object.3. Inconsistent use of goods.4. Destruction of the subject-matter.5. Gratuitous bailment.6. Death of the bailor or bailee.
    • Pledge
    • Rights of Pawnee1. Right of retainer.2. Right of retainer for subsequent advances.3. Right to extraordinary expenses.4. Right against true owner, when the pawnor’s title is defective.5. Pawnee’s rights where pawnor makes default.
    • Rights of pawnor1. Right to get back goods.2. Right to redeem debt.3. Preservation and maintenance of the goods.4. Rights of an ordinary debtor.
    • Pledge by non-owners1. Pledge by mercantile agent.2. Pledge by seller or buyer in possession after sale.3. Pledge where pawnor has a limited interest.4. Pledge by co-owner in possession.5. Pledge by person to possession under a voidable contract.