Bailment and pledge

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  • 1. BAILMENT AND PLEDGE CHIPPY.R.S MGT1005411
  • 2. IntroductionContracts of bailment and pledge are a special class of contracts. These are dealt with in chapter ІX (Secs. 148to181) of the Indian Contract Act 1872.
  • 3. Bailment Sec.148 defines ‘bailment’ as the delivery ofgoods by one person to another for somepurpose ,up on a contract ,that they shall ,when thepurpose is accomplished ,be returned or otherwisedisposed of according to the direction of the persondelivering them.
  • 4. The person delivering the goods is called the‘bailor’ and the person to whom they are delivered is called the ‘bailee’. Eg: A delivers a piece of cloth to B ,a tailor ,to be stitched in to a suit. there is a contract of bailment between A and B.
  • 5. Requisites of bailment Contract Delivery of possession For some purpose Return of specific goods
  • 6. PledgeThe bailment of goods and security for payment of adebt of performance of a promise is called ‘pledge’ The bailor in this case called the ‘pledger’or‘pawnor’and the bailee is called ‘pledge’or ‘pownee’.
  • 7. Duties of bailor To disclose known faults To bear extraordinary expenses of bailment To indemnify bailee for loss in case premature termination of gratuitous bailment To receive back the goods To indemnify the bailee
  • 8. Duties of bailee To take reasonable care of the goods bailed Not to make any unauthorised use of goods Not to mix the goods bailed with his own goods To return the goods
  • 9. THANK YOU