Court : Kolkata
Reported in : 33Ind.Cas.891
..... p. 23 it was held that when moveable property is pledged to a person for money lent, he acquires a special property therein, and he is entitled, under section 176, contract act, either to bring a suit against the owner upon the debt or promise, retaining the goods pledged as collateral security, or he may sell the things pledged upon giving ..... not include government securities.' it is difficult to apply the law relating to pawns as contained in the contract act to pledges of all classes of documents. take the case of title-deeds. what can the pawnee sell? there is no equitable mortgage even created by their delivery or deposit as collateral security outside presidency towns. they may ..... their remedy on the pro-notes independently of the alleged pledge under the provisions of section 176, contract act. section 172, contract act, defines a pledge. it is essential to the contract of pawn that the property pledged should be actually or constructively delivered to the pawnee. here it cannot be said that there was any actual delivery. it is very doubtful whether there ..... . 174 : 18 l.t. 656 : 17 w.r. 13. section 176 gives a clear right to the pawnee to institute a suit independently of the pawn, and we think the learned judge is right in the view he has taken. section 172 of the contract act deals with 'goods.' certain classes of documents are specifically referred to in section 178 which do .....Tag this Judgment!
Court : Andhra Pradesh
Reported in : 146CompCas266(AP)
..... some of the earlier judgments, observed that the two ingredients of a pawn are: (1) that it is essential to the contract of pawn that the property pledged should be actually or constructively delivered to the pawnee; and (2) a pawnee has only a special property in the pledge but the general property therein remains in the pawnor and wholly reverts to him ..... . in this sense a pledge differs from a mortgage. in view of the foregoing the pawnee in the instant case, i.e., the government of uttar pradesh could not be treated as the holder of the shares pledged in its favour. the cotton mills co., continued ..... bihar v. state of bihar : air1971sc1210 , held that in the case of pledge, however, the legal title to the goods pledged would not vest in the pawnee. the pawnor has only a special property. a pawnee has no right of foreclosure since he never had the absolute ownership at law and his equitable title cannot exceed what is specifically granted by law ..... on discharge of the debt. a pawn therefore is a security, where, by contract a deposit of goods is made as security for a debt .....Tag this Judgment!
Court : Madhya Pradesh
Reported in : 1996(0)MPLJ1110
..... goods so pledged remains in the possession of the pawner i.e. the pledger, in view of section 172 of the contract act, the status of pawner becomes that of bailer and pawnee becomes bailee. hence, the plaintiff bank's position was that of bailee who has not taken care for the security ..... made responsible has no substance, though there is a non obstante clause which speaks that notwithstanding anything to the contrary in section 152 of the indian contract act, the bank shall not be responsible for any loss or deterioration of or damage to the said vehicle taken possession of by the bank whether ..... earthquake, lightning or any other cause whatever.11. hypothecation is an extended form of pledge which has not been expressly dealt with in the law of contract. the distinction between hypothecation of goods and pledge of goods is well known. in case of pledged goods, the goods are stored in the godown under ..... noticed to the defendant. in such circumstances, section 151 and section 152 of the contract act are attracted as the hypothecation is an extended form of the pledge. section 172 of the contract act defines pledge, pawner and pawnee. the possession of the truck by plaintiff/bank was in the nature of bailee, ..... , and in so far as it is naturalised in english and american law, it means a contract of mortgage or pledge in which the subject matter is not delivered into the possession of the pledge or pawnee; or, conversely, a right which a creditor has over a thing belonging to another, and .....Tag this Judgment!
Court : Chennai
Reported in : AIR1943Mad74; (1942)2MLJ120
..... or the performance of an obligation. section 176 provides that, if the pawnor makes default in payment of the debt, or performance of the contract at the stipulated time, the pawnee may bring a suit against the pawnor upon the debt or promise, and retain the goods pledged as collateral security; or he may sell ..... , they were goods within the meaning of that section.6. when the sale of goods act was placed on the statute book section 178 of the contract act was amended. before the amendment the section read as follows:a person who is in possession of any goods, or of any bill of lading, ..... there of 'goods'. before the passing of the sale of goods act, 1930, sales of goods were regulated by the sections comprised in chapter vii of the contract act, but the sale of goods act repealed the whole of the chapter. section 72 (one of the repealed sections) denned 'goods' as meaning every kind ..... of the letters patent.3. in the opinion of venkataramana rao, j., 'shares' are not 'goods' within the meaning of section 172 of the indian contract act and there can be no valid security unless the scrip is accompanied by an instrument of transfer. when a share certificate is handed over by way of ..... warrant or order for delivery, or any other document of title to goods, may make a valid pledge of such goods or documents.: provided that the pawnee acts in good faith, and under circumstances which are not such as to raise a reasonable presumption that the pawnor is acting improperly:provided also that such .....Tag this Judgment!
Court : DRAT Madras
Reported in : II(2003)BC29
..... bank cannot retain the seized goods and file the suit for recovery of the entire amount.section 176 of the indian contract act, 1872, deals with the rights of a pawnee and provides that in case of default by the pawner the pawnee has, (1) the right to sue upon the debt and to retain the goods as collateral security, and (2) the ..... place the pawner is entitled to redeem the goods on payment of the debt. it follows therefore that where a pawnee files a suit for recovery of debt, though he is entitled to retain the goods he is bound to return them on payment of the debt and the pawner therefore ..... in a position whereby he is not able to redeliver the goods, he cannot obtain a decree. the apex court has also observed in the same judgment that once the pawnee by virtue of his right under section 176 sells the goods, the right of the pawner to redeem them is of course extinguished. but as aforesaid, the ..... pawnee is bound to apply the sale proceeds towards satisfaction of the debt and pay the surplus, if any, to the pawner. so long, however, as the sale does not take .....Tag this Judgment!
Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)4ITD397(Mad.)
..... satisfaction is bound to redeliver the property. the two ingredients of a pledge are : (i) that it is essential to the contract of pawn that the property pledged should be actually or constructively delivered to the pawnee ; and (ii) a pawnee has only a special property in the pledge but the general property therein remains in the pawner and wholly reverts to him ..... mortgaged, it can retain the policy as a collateral security. as explained by the supreme court in the case of lallen prasad v. rahmat ali 1967 air sc 1322, a contract to pawn a chattel even though money is advanced on the faith of it is not sufficient in itself to pass special property in the chattel to the ..... pawnee. delivery of the chattel pawned is a necessary element in making of a pawn. but delivery and advance need not be simultaneous and a pledge may be perfected by delivery .....Tag this Judgment!
Court : Supreme Court of India
Reported in : 2006(2)CTC672; 2006(197)ELT3(SC); JT2006(3)SC567; 2006(3)SCALE398; (2006)4SCC620
..... loss of such lien owing to the act of confiscation under section 115 read with section 126 of the customs act, 1962. the lien of a pawnee traceable to sections 172, 173 and 176 of the contract act is capable of satisfaction from property in the hands of the government obtained even by lawful seizure. in bank of bihar v. state of ..... bihar and ors. : air1971sc1210 . it was held as follows:the pawnee had special property and a lien which was not of ordinary nature on the goods and so .....Tag this Judgment!
Court : Gujarat
Reported in : AIR1987Guj1; (1986)1GLR144
..... the liability for payment of compensation on the bank.6. 'hypothecation according to corpus juris secundum, (vol xlii), means 'a contract of mortgage or pledge in which the subject matter is not delivered into the possession of the pledgee or pawnee; or, conversely, a right which a creditor has over a thing belonging to another, and which consists in a power to ..... . by that agreement the vehicle remained in the custody of the pawner and the possession thereof was never transferred to the pawnee. unlike in the case of a pledge, where the possession of the thing pawned is delivered to the pawnee, in 'the case of hypothecation the possession of the chattel continues to remain with the pawner.. the jural relationship which comes .....Tag this Judgment!
Court : Mumbai
Reported in : AIR1970Bom8; (1969)71BOMLR367; ILR1969Bom955
..... application to the facts of this case. the suit is for recovery of an amount deposited under a contract which became payable when the contract was completed. it is not a suit against a depositary or pawnee to recover movable properly deposited or pawned. the amount was deposited with the state of kolhapur as and ..... amount couldbe withdrawn against joint receipt of dhavate and rote. in our opinion, this will be the date when the right to sue accrued. the contract had already been completed in 1946. this suit was filed in 1958 and but for the acknowledgments of the defendants, it would have been time-barred ..... the period begins to run is when the money is received. article 145 prescribes a period of thirty years for a suit against a depositary or pawnee to recover movable property deposited or pawned. the time from which the period begins to run is the date of the deposit or pawn. article ..... and became due on completion of the contract.8. in our ..... by way of security for the performance of a contract to supply materials or in any case under the terms of the contract .....Tag this Judgment!
Court : Supreme Court of India
Reported in : AIR2000SC2181; 2000(3)ALLMR(SC)644; 2000(2)BLJR1604; 110CompCas499(SC); 2000(2)CTC752; JT2000(5)SC287; 2000(4)SCALE111; (2000)5SCC122; 2000(2)LC1555(SC)
..... court referred to an earlier decision in suraimal v. fulchand air 1951 nag 264 where it was held that a pawnee who has given a reasonable notice of sale under section 176, contract act can sell at any time and is not bound to sell within a reasonable time after the expiry of ..... by the appellant. this agreement can be clearly spelt out from the correspondence exchanged between the parties. mr. venugopal sought reference to the provisions of securities contracts (regulation) act, 1956 under which stock exchanges in the country function. we cannot permit him to raise such a plea which has no foundation either ..... before the national commission. we heard mr. venugopal on the applicability of the law of pledge as contained in sections 172 to 177 of the contract act on a plea that there was no deficiency in service because the bank was not under a legal obligation to follow a customer's ..... construction, entertainment, amusement, or the purveying of news or other information, but does not include the rendering of any service free of charge or under a contract of personal service; 7. in the arguments it was submitted that the appellant is not a consumer within the meaning of sub-clause (2) of clause ..... submissions reference was made a division bench decision of the punjab high court in bharat bank v. bodhraj . we were also referred to 'chitty on contracts', twenty-seventh edition, and other decisions to which we will presently refer.6. prime facie it does appear to us that bank has failed to honour .....Tag this Judgment!