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Bailment & pledge
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Bailment & pledge

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As per Indian Contract Act 1872, Bailment And Pledge is described here. Developed By http://webneez.com

As per Indian Contract Act 1872, Bailment And Pledge is described here. Developed By http://webneez.com

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  • 1. Presented By Vishal patel, Jyotsana Iyer, Pooja Srivastva, Ratnesh Singh Guided By Chandrakant Ithape Sir
  • 2. Sec.148 defines ‘bailment’ as the delivery of goods by one person to another for some purpose, up on a contract, that they shall, when the purpose is accomplished, be returned or otherwise disposed of according to the direction of the person delivering them.
  • 3. 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. Examples  Hiring a bicycle  Giving cloth to a tailor  Delivering watch for repair
  • 4.  Gratuitous bailment: Goods given to a friend or any one else, to be used by him without any (unnecessary) reward or remuneration or consideration.  Bailment for reward or remuneration: For example, goods given on hire, goods given for repair against charges, etc.
  • 5.  Contract  Delivery of possession  For some purpose  Return of specific goods
  • 6.  Termination of bailment (Section 153): For example, A lets to B for hire a horse for his own riding. B drives the horse in his carriage. A can terminate the bailment.  Return of goods (Sections 160 & 161): Bailor has the right to get back the goods from the bailee as soon as time for which they were bailed has expired.  Right to claim compensation (Section 154): For wrongful use of goods by bailee.  Claim in case of mixture of goods by the bailee (Section 155- 157): (i) With the consent of bailor. Bailor can claim proportionate share in mixed goods. (ii) Without consent of bailor. But goods can be separated. Bailor can claim expenses of separation & any damage arising from the mixture. (iii) Without consent of bailor. But goods cannot be separated. Bailor is fully entitled to compensation for the loss of the goods.  Right to receive any increase or profit from goods bailed.
  • 7.  Put bailee into possession (Section 149).  Disclose faults in the goods bailed (Section 150). Not disclosing is a liability for bailor.  Repay necessary expenses (Section 158). To repay to bailee who receives no remuneration.  To indemnify gratuitous bailee (Section 159). Indemnifying for any loss due to earlier demand by bailor.  Responsible for any loss due to defect in title (Section 164).  To take back the goods.
  • 8.  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
  • 9.  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
  • 10. 1. Enforcement of rights 2. Bailment by several joint owners 3. Right to compensation: imperfect title 4. Right to remuneration: extraordinary damages 5. Right to claim damages: defects 6. Right to sue 7. Right of lein
  • 11. 1. Right of lien 2. Right to sue for reward 3. Right of sale  If owner can not be found  If charges are 2/3 rd of value of goods and owner refuses to pay  If goods are perishable in nature
  • 12. 1. Take reasonable care of goods 2. Not to use for his own purpose 3. Not to mix goods with his own goods 4. Try to find out the true owner of goods Termination of Bailment
  • 13.  Doing an act inconsistent with terms of bailment[S.153]  At desire of the bailor in case of gratuitous bailment[S.159]  On expiry of period[S.160]  On accomplishment of object[S.160]  Death of the bailor or bailee [S.162]
  • 14.  Pledge is a special type of bailment where transfer of goods is for security of something  pledges are a form of security to assure that a person will repay a debt or perform an act under contract. In a pledge one person temporarily gives possession of property to another party.
  • 15.  securing loans  pawning property for cash  guaranteeing that contracted work will be done
  • 16.  two separate parties  a debt or obligation  a contract of pledge
  • 17.  Bailment of goods as security for payment of debt or performance of a promise :PLEDGE  Bailor: PAWNER  Bailee: PAWNEE  Example:  A borrows Rs.100 from B & keeps his watch as security : pledge
  • 18.  Right of retainer{S.173}: right to retain goods until dues paid  Right of transfer for subsequent advances:{S.174}: on lending money to same debtor without further security ;right to retain earlier goods extends  Right to extraordinary expenses {S.175}  Right to sue the pawner or sell the goods on default.
  • 19.  Enforcement of pawnee’s duties  Defaulting pawnor’s right to redeem
  • 20.  John asks to borrow $500 from Mary. Mary decides first that John will have to pledge his stereo as security that he will repay the debt by a specific time.  In law John is called the pledgor, and Mary the pledgee. The stereo is referred to as pledged property.   As in any common pledge contract, possession of the pledged property is transferred to the pledgee. At the same time, however, ownership (or title) of the pledged property remains with the pledgor. John gives the stereo to Mary, but he still legally owns it. If John repays the debt under the contractual agreement, Mary must return the stereo. But if he fails to pay, she can sell it to satisfy his debt
  • 21. Thank You