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Situation 2: If A receives the deposit with C and releases the car against C without B`s consent. This promise is only valid if C acts in good faith and knows nothing about the title of the vehicle. For example, if Z borrows 200 rupees from Y and retains his supervision as collateral for the payment of the debt, the deposit of the guardian will be a pledge. 2. The purpose of the pledge should be the guarantee for the settlement of a debt or the execution of a judgment of promise: the plaintiff would not be entitled to a decree on the promissory note and also keeps the goods that have been delivered to him and that are in his custody. As long as the pledged goods are not sold, the pawnshop has the right to redeem the goods against payment of direct debit. Therefore, the right to bring legal action for the debt presupposes that he is able to redeliver the goods against payment of the debt, and if, by refusing the pledge or by any other means, he has put himself in a situation in which he is unable to deliver the goods again, he cannot obtain an order. A deposit is a special contract defined in section 148 of the Indian Contract Act 1872. It is derived from a French word, i.e. “bailer”, which means “to deliver”[2]. The etymological meaning of the deposit is “transfer” or “change of ownership”. By deposit we mean the delivery of goods from one person to another for a special purpose on the contract, whether he reimburses the goods at the fulfillment of the purpose or sells them according to the instructions of the bailiff. The person who delivers the goods is called a judicial officer.

And the person to whom the property is given is known as a bailee. And the rescued property is known as bailed property. Under section 154 of the Indian Contract Act, 1872, the bailiff has the obligation to transfer possession of the goods to the bailiff for a specific purpose is not to make unauthorized use of the bailiff`s property without his consent. If the judicial officer uses the goods without authorization, he is obliged to pay compensation to the judicial officer and, in accordance with Article 153 of the Law on Contracts, the bailiff may terminate the bailiff`s contract. (ii) Pledging by the owner under a questionable contract (S. Art. 178 (A): If the secured creditor has taken possession of the property he has pledged under a contract that may be contested under article 19 or article 19A, but the contract has not yet been terminated at the time of the pledge, the pledge acquires good ownership of the goods, provided that it acts in good faith and without notification of the lack of title of the pawnbroker. If A is a commercial agent of B, drop off B`s bike that is in his possession with D.D in good faith and knows nothing about the title of the bicycle accept as safety. Here, the deposit is considered valid. But if B knows the title, the deposit will not be valid.

(iii) Right of action (p. 176): The pawnbroker may bring an action against the secured creditor for the debt or promise and withhold the assets given as security (i) Pledging by commercial agents (S. 178): A commercial agent is a specially appointed agent for a company and may pledge property belonging to the principal, provided that: In Kamili Sarjini v. Indian Bank, certain gold ornaments were pledged to the bank as collateral for gold loans. The Pawnor is dead. He left a will that allowed his widow to redeem in his name. The bank demanded a discount. It was found that the bank did not have the right to do so. Neither the succession nor the certificate of inheritance was necessary. [9] Legal issue: Whether the complainant was entitled to an order in council given his refusal to pledge and his failure to offer a new delivery of the goods are two special contracts that are often confused.

Every pledge is a deposit, but not every deposit is a privilege.[1] Deposit means a delivery of goods from one person to another for a special purpose. Pledging means the delivery of goods as security for the settlement of the debt or the performance of an undertaking. Therefore, Bailment & Pledge are two different contracts. Collateral is a special type of deposit. It is correct to say that deposit is a special type of deposit. Since all the essential elements of the deposit are identical to those of the deposit. Both contracts relate only to movable property. In both contracts, the goods or goods are transferred and reimbursement is also required.

Like suretyship, commitment is of a particular kind. A deposit is a contract in which a person transfers goods to another person with a contract that returns the goods after fulfilling the purpose for which the contract is concluded. If A and B want to conclude the deposit contract, A must transfer its goods and give B a purpose so that B can act to achieve that objective. Figure – “A” borrows an amount of Rs. 1 lakh from “B” and keeps his gold ring as collateral for the payment of the debt. Here, the deposit of the golden ring is a deposit and “A” is the Pawnor and “B” is the Pawnee. When A buys a cycle at B. An after-purchase left the cycle owned by B.B records the cycle in a commitment with C.C bona fide trade and knows nothing about the title of the cycle. That is a valid promise. A pledge is a special type of deposit in which property is held as security for the performance of a promise or the payment of a debt. A deposit is a security deposit. From the above discussion, one can draw the conclusion that the pledge is different from a mortgage, a line and a deposit, since delivery is an important factor in establishing a pledge.

The deposit is often confused with the deposit. But there is a thin line of demarcation between them. [4] In the case of a deposit, the property is remitted for a certain period of time, but in the case of a pledge, the property or property is remitted as security for the repayment of the debt. Another difference between the two is that there may or may not be consideration in the deposit contract, but the consideration is certainly present in the collateral contract. This means that in the event that Pawnor defaults on the payment of the debt or the execution of the promise, pawnshops have two options under the said section. First, he can sue the Pawnor for debt and withhold the pledged assets as collateral. Second, it may sell the goods after sending a reasonable period of time to Pawnor to collect the claim. The right of the secured creditor to retain the pledged goods extends to: Pursuant to section 178 “A” of the Indian Contracts Act, the pledge may be between the pledge holding the goods under a contestable contract and the secured creditor, provided that the contract was not revoked during the pledge and that the pawnshop acted in good faith and has no idea of the title of the pledge.

wares. Collateral is a type of contract in which the deposit of goods is advanced as security for the repayment of debts or loans or the performance of obligations or promises. The person pledging the goods for security purposes is called the pledger or pledge, and the person for whose benefit the goods were pledged is called the pledger or pownee. Commitment is also defined as a farmer. The pledge agreement is defined in section 172 of the Indian Contract Act 1892. > Phillips v. Brooks: An emerald and diamond ring was given in the belief that the buyer is a good believer, and a cheque was received, which was then dishonored. Before the contract could be retracted, the ring was pledged by the buyer. This commitment has been validated. In the case of Surya Investment Co.c. S.T.C[8], the court ruled that the costs incurred by the bailiff during the maintenance of privileges were the responsibility of the bailiff. (iv) Right of Sale (p.

176): He may sell the pledged item if he duly informs the Pawnor (the right to receive reasonable notice is a legal right and cannot be circumvented by or by contract) of the sale. This right can only be exercised after all other available rights have been exhausted. If the proceeds of such a sale are less than the amount due in relation to the debt or promise, the Pawnor is still liable to pay the balance. If the proceeds of the sale are greater than the amount due, the pawnshop shall pay the excess to the secured creditor. When a person transfers ownership of his or her property to another person for a specific purpose, it is called a deposit contract. If there is a benefit to one party through the deposit and another party gets nothing in return, that deposit is called an unnecessary deposit. And when the deposit contract is concluded, which leads to the mutual benefit of both, that is, bailey and deposited, is called a non-free deposit. The judicial officer is obliged to disclose the defect of the goods and to reimburse the amount incurred by a guarantor in order to keep the goods safe, as well as any damage caused to the guarantor by the bailiff`s property. Similarly, the bailiff has the duty to keep the surety`s property safe and to return it to the lessor after fulfilling the purpose for which the deposit is made. If the secured creditor is late in settling the debt or fulfilling the promise for which the goods were pledged at a specified time, the pawnbroker may bring an action against the pledge on the debt or promise and retain the pledged goods as security; Or he can sell the promised thing by announcing the Pawnor appropriately to sell. .