This document discusses the legal concepts of bailment and pledge. It defines bailment as when the owner of goods gives custody and possession of the goods to another person through a contract, to be returned later. The owner is the bailor and the person receiving the goods is the bailee. There are various types of bailments and rights and duties of both the bailor and bailee. Pledge is a special type of bailment where goods are delivered as security for repayment of a debt, with the pawner being the bailor and pawnee the bailee. The document provides details on the rights and duties of both parties in a pledge, as well as examples of cases involving issues of bailment
OBJECTIVE
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OBJECTIVE
Merger and Amalgamation (M&A) is one of the forms of Corporate Restructuring. M&A transactions are generally done to diversify the business, reduce competition, exercise increased scale of operations, to focus on core businesses to streamline costs and improve profit margins, etc. Provisions for merger and amalgamation under Companies Act, 2013 also includes demerger. The webinar deals with the provisions of merger and amalgamation enshrined in Companies Act, 2013 read with Rules made there under, legal formalities involved and judicial precedents.
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Need to obtain a certificate from the registrar of companies in order to commence a new business. Prospectus of a company and its related information will be discussed here.
Appointment and Qualification of directors along with relevant rules.Dipendra Prasad Poudel
In this presentation you can find the provisions regarding appointment of directors and their qualifications as per companies act 2013 and relevant rules of Appointment and qualification of directors rules. Due care has been taken to make presentation simple and attractive. Any suggestions, feedback and queries are openly accepted.
NEGOTIABLE INSTRUMENTS ACT, 1881
STRUCTURE
1.0 Objectives
1.1 Introduction
1.2 Meaning of Negotiable Instruments
1.3 Characteristics of a negotiable instrument
1.4 Presumptions as to negotiable instrument
1.5 Types of negotiable Instrument
1.5.1 Promissory notes
1.5.2 Bill of exchange
1.5.3 Cheques
1.5.4 Hundis
1.6 Parties to negotiable instruments
1.6.1 Parties to Bill of Exchange
1.6.2 Parties to a Promissory Note
1.6.3 Parties to a Cheque
1.7 Negotiation
1.7.1 Modes of negotiation
1.8 Assignment
1.8.1 Negotiation and Assignment Distinguished
1.8.2 Importance of delivery in negotiation
1.9 Endorsement
1.10 Instruments without Consideration
1.11 Holder in Due Course
Bailment describes a legal relationship in common law where physical possession of personal property, or a chattel, is transferred from one person (the "bailor") to another person (the "bailee") who subsequently has possession of the property. It arises when a person gives property to someone else for safekeeping and is a cause of action independent of contract or tort.
Bailment is distinguished from a contract of sale or a gift of property, as it only involves the transfer of possession and not its ownership. To create a bailment, the bailee must both intend to possess, and actually physically possess, the bailable chattel. Bailment is a typical common law concept although similar concepts exist in civil law (Spain- Depósito).
In addition, unlike a lease or rental, where ownership remains with the lessor but the lessee is allowed to use the property, the bailee is generally not entitled to the use of the property while it is in his possession.
A common example of bailment is leaving your car with a valet. Leaving your car in an unattended parking garage is typically a license rather than a bailment, as the car park's intent to possess your car cannot be shown. However, bailments arise in many other situations, including terminated leases of property, warehousing (including store-it-yourself) or in a carriage of goods.
Description about Bialment,pledge,pawner and pawnee pledge by Non-Owners.All the informaion aboou ahe bailment and pledge ,pawner and pawnee with including their rights and duties of bailor and Bailee ,pawner and pawnee,and also expalained about difference betweenBailment and Pledge.
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3. 3 Case: Goods and Contracts A person gives his furniture to a person to transport to his new house in another town. A person gives his jacket to a drycleaner. A company hires out public address system to a person organising a music function. What is common to the contracts?
4. 4 Bailment Owner gives the custody and possession of his goods to another person as a part of the contract. The goods would need to be returned back to him. The owner who gives his goods is called Bailor The person receiving the goods is called Bailee The giving of goods is called Bailment
5. Essentials of Bailment: Delivery of goods Delivery for some purpose Contract Movable goods Return of goods 5
6. Kinds of Bailment: Voluntary and Involuntary Bailment Gratuitous and non- gratuitous Bailment On the basis of benefit 6
7. Rights of Bailor Enforcement of Bailee’s duties Right to claim compensation for loss caused to the goods by the negligence of the bailee Right to claim compensation for unauthorized mixing of goods with the bailee’s own goods Right to claim damages for unauthorised use of goods
8. (iv) Right to demand goods back after the expiry of purpose or period (v) Right to claim any accretion to the goods bailed 2. Right to termination: Inconsistent act 3. Restoration of goods lent gratuitously 4. Right to file a suit against any wrongdoer and claim compensation
9. Duties of Bailor Duty to disclose known defects (a) Gratuitous Bailment: Known defects (b) Bailment for reward: Known & unknown 2. Duty to bear extraordinary expenses of bailment 3. Duty to indemnify bailee: loss due to imperfect title 4. Duty to receive back goods 5. Duty to bear normal risks
10. Rights of Bailee Enforcement of rights Bailment by several joint owners Right to compensation: imperfect title Right to remuneration:extraordinary damages Right to claim damages: defects Right to sue Right of lein
11. Duties of Bailee Duty of reasonable care Duty not to make unauthorised use of goods Duty not to mix bailor’s goods with his own Section 155 Section 156 Section 157
12. 4. Duty not set up any adverse title against the bailor 5. Duty to return any accretion to the goods 6. Duty to return the goods
13. 13 Case: Washing for Repair A person gave his washing machine for repairing to a shop. As the shop did not have space inside, it left the washing machine outside in its corridor. There was no security or attendant for guarding the premises. The washing machine was stolen. Is the shop responsible for the loss of the washing machine to the owner?
14. 14 … Cond A person gave his washing machine for repairing. The shop had stored it properly and safely. However, an unprecedented rain created a deluge and all the washing machines in the shop as well as all the expensive testing equipment of the shop got damaged. Is the person responsible for the loss of the washing machine?
15. 15 Facts R. S. Deboo: Drycleaner- M/s Leach and WaBomy Customer: Hindlekar and family There was a fire in the factory and the clothes got destroyed. The drycleaner offered to pay 20 times the drycleaning charges as this was stipulated on the back of the receipt limiting the liability of the drycleaner.
16. 16 Judgement: High Court Terms and conditions printed on the reverse of a receipt issued by the owner of the laundry or any other bailee do not necessarily form part of the contract of bailment in absence of the signature of the bailer on the document relied upon. In absence of signature of the bailer on the document relied upon, the onus is on the bailee to prove that the attention of the bailer was drawn by the bailee to the alleged special conditions before the contract was concluded and the bailee had consented thereto expressly or by necessary implication as a contractual term.
18. Finder of Lost Goods Rights of finder of goods Right of lien Right to sue for reward 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
19. Obligations of finder of lost goods Take reasonable care of goods Not to use for his own purpose Not to mix goods with his own goods Try to find out the true owner of goods Termination of Bailment
23. Rights of Pawnor Right to get back goods Right to redeem debt Preservation or maintenance of the goods Rights of an ordinary debtor
24. Pledge by Non-Owners Pledge by mercantile agent Pledge by seller or buyer in possession after sale Pledge where owner has a limited interest Pledge by co-owner in possession Pledge by person to possession under a voidable contract
25. Pledge v/s Bailment Scope Right to sell Right to use Rights and duties of pawner and pawnee