Court : Supreme Court of India
Decided on : Feb-12-1985
Reported in : AIR1985SC520; (1985)2CompLJ1(SC); 1985(1)SCALE236; (1985)2SCC167; 2SCR854
..... pawnor had any right to take away the goods or its price. beyond this no other 'right was recognised in a pawnee in the above decision. under section 176 of the indian contract act, 1872 if the pawnor makes default in payment of the debt, or performance, at the stipulated time, of the ..... 2scr233 , the two ingredients of a pawn are: '(i) that it is essential to the contract of pa wn 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 pawner and wholly ..... provides that save as otherwise provided in section 153b but notwithstanding anything contained in any other provisions of the act or any other law or any contract, memorandum or articles, where any shares in a company are held in trust by a person as trustee, the rights and powers (including the right ..... reverts to him on discharge of the debt. a pawn therefore is a security, where, by contract a deposit of goods is made ..... promise, in respect of which the goods were pledged, the pawnee may bring a suit against the pawnor upon the debt or promise, .....Tag this Judgment!
Court : Kerala
Decided on : Apr-12-1985
Reported in : AIR1986Ker142
..... as a deed of mortgage chargeable to stamp duty under article 37 of the schedule of the act.5. section 172 of the indian contract act defines pledge, pawner and pawnee as follows :'the bailment of goods as security for payment of a debt or performance of a promise is called 'pledge'. the bailer ..... in action are made security for payment of a debt. there can, however, be no doubt that no contract will amount to a contract of pawn unless possession either actual or constructive is delivered to the pawnee.'7. the relevant provisions in ext. p-3 extracted in this judgment would clearly showthat the transaction evidenced by ..... 1945 lah 69 (sb) it is stated at p. 73 :--'according to section 172, contract act, the bailment of goods as security for payment of a debt or performance of a promise is called 'pledge' the bailor is called the 'pawner' ..... security. therefore, under this document the goods in respect of which the document was executed became pledged within the definition of 'pledge' in section 172 of the contract act, for the possession, as we have pointed out, in respect of it was effectively handed over to the bank'.in miran bakhsh v. emperor, air ..... is in this case called the 'pawner'. the bailee is called the 'pawnee'.6. a similar document as per the terms of which cash credit advances were to be made by a bank was construed by a division bench of .....Tag this Judgment!
Court : Kerala
Decided on : Apr-12-1985
Reported in : AIR1985Ker286
..... construed as a deed of mortgage chargeable to stamp duty under article 37 of the sch. of the act.5. section 172 of the contract act defines pledge, pawnor, and pawnee as follows :'the bailment of goods as security for payment of a debt or performance of a promise is called 'pledge'. the bailor ..... in action are made security for payment of a debt. there can, however, be no doubt that no contract will amount to a contract of pawn unless possession either actual or constructive is delivered to the pawnee.'7. the relevant provisions in ext. p3 extracted in this judgment would clearly show that the transaction evidenced ..... 1945 lah 69 (sb), it is stated at page 73 :-'according to section 172, contract act, the bailment of goods as security for payment of a debt or performance of a promise is called ''pledge' the bailor is called the 'pawnor' ..... security. therefore, under this document the goods in respect of which the document was executed became pledged within the definition of 'pledge' in section 172 of the contract act, for the possession, as we have pointed out, in respect of it was effectively handed over to the bank.'in miran bakhsh v. emperor, air ..... is in this case called the 'pawnor'. the bailee is called the 'pawnee'.6. a similar document as per the terms of which cash credit advances were to be made by a bank was construed by a division bench of .....Tag this Judgment!
Court : Gujarat
Decided on : Oct-11-1985
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 : Punjab and Haryana
Decided on : Sep-26-1985
Reported in : AIR1986P&H64; 1995SCC(L&S)202
..... plaintiffs suit with costs., the plaintiff filed an appeal in the supreme court. their lordships,. after consideration of the various rulings and interpreting the relevant provisions of the contract act remarked:'the pawnee therefore, can sue on the debt retaining the pledged goods as collateral security. if the debt is paid he has to return the goods with or without the assistance ..... obtain a decree unless he was ready and willing to redeliver the goods pledged with him. the trial court rejected the defendants plea and held that there was no completed contract of pledge as he ha failed to deliver the goods sought to be pledged. on appeal by the defendant, the high court disagreed with the finding and set it aside ..... was given possession of the goods pledged and had retained the same, the pawner has the right to redeem the goods so pledged by payment of the debt. if the pawnee is not in a position to redeliver the goods he cannot have both the payment of the debt and also the goods. where the value of he pledged property is .....Tag this Judgment!
Court : Karnataka
Decided on : May-27-1985
Reported in : AIR1985Kant265
..... in official assignee, bombay v. madholal sindhu air 1947 bom 217, thus:'........ that although the pledgee may sell the goods unauthorized or unlawfully, the contract of pledge is not put an end to and the pledge does not become entitled to the possession of the goods pledged without tendering the amount ..... is barred by limitation, the 'debt' survives. this logic gains support from the fact a time barred 'debt' would constitute a valid consideration for a new contract. but, mr. joshi argued, that when 'debt' is irrecoverable being time-barred, there cannot be a 'discharge under the statute. to appreciate this argument, ..... the learned counsel, time barred 'debt' is no 'debt' at all, in the eye of law; this proposition needs examination.10. in the law of contract, by cheshire and fifoot's (9th edition) the authors, at page 625, the legal position is summed up thus :'if the statutory period expires before action ..... and pledgee under ss. 172 to 177 of the contract act and the relevant provisions of limitation act.8. s. 172. defines the word 'pledge' and pawner (otherwise called as pledge) and pawnee (otherwise called as pledgee). under s. 173, the pledgee or pawnee has a right to retain the goods pledged not ..... by supreme court in lallan prasad v. rahmat ali : 2scr233 :'a contract of pawn thus carries with it an implication that the security is available to satisfy the debt and under this implication the pawnee has the power of sale on default in payment where time is fixed for payment .....Tag this Judgment!
Court : Gujarat
Decided on : Sep-04-1985
Reported in : (1986)51CTR(Guj)301; 160ITR729(Guj)
..... the relative transfer documents. from the above documents, it becomes clear that the transaction was in the nature of a pledge. 11. section 172 of the contract act defines a 'pledge' as the bailment of goods as security for payment of a debt or performance of a promise.'bailment' under section 148 is ..... he is entitled to dividend, bonus and right issues, that is, to all accretions, since the title to the property does not pass to the pawnee. the pawnee has no property in the pawn. he has merely a right to sell if the debt is not discharged within the stipulated time. the security is ..... in lallan prasad v. rahmat ali : 2scr233 , the supreme court observed that once the debt is satisfied or the engagement extinguishes the pawn, the pawnee on such satisfaction is bound to deliver the property to the pawner. the pawner has an absolute right to redeem the property pledged upon tender of the amount ..... act. 16. in the case of bank of bihar v. state of bihar  41 comp cas 591 (sc), the supreme court referred to the statement in halsbury's laws of england extracted earlier and observed that the pawnee has special property and lien which is ..... pawnee's right of sale, observed the supreme court, is derived from an implied authority from the pawner and such a sale is for the benefit of both the parties. it also pointed out that there was no difference between the common law of england and the codified law found in sections 172 to 176 of the contract .....Tag this Judgment!
Court : Karnataka
Decided on : Jun-18-1985
Reported in : AIR1986Kant14; ILR1985KAR2992; 1985(2)KarLJ319
..... necessary to apply for wagons.13. we do not think that we could accept the contention which runs contrary to the terms of the written contract. ex. p. 4 provides specifically :-stocks shall be sampled and analysed by essen & co. and analysis certificate and geological permit shall be produced ..... . unfortunately, the defendant did not intimate their acceptance of the offer made by plaintiff. nor they had kept ready the required certificates specified under the contract. ex. p. 10 was received by the defendant on aug. 6, 1968. within one week thereafter, they ought to have replied in accepting the ..... be therefore seen that the parties have fixed a definite period of 45 days for the performance of the contract.7. the contract in question is a commercial contract. in commercial or mercantile contracts, the need for certainty is of great importance and it is this aspect of the matter that compels ..... extended time for delivery, but even then, plaintiff did not intimate the availability of railway wagons. plaintiff has thus committed a breach of the contract and therefore not entitled to get back the price money paid. with these and other allegations the defendant prayed for dismissal of the suit.4 ..... be delivered since plaintiff did not requisition railway wagons as required under the agreement. the requisition of wagons was a necessary conditi6n of the contract, but plaintiff in view of the falling price of red-oxide made only paper pretences for taking delivery while in effect and in practice .....Tag this Judgment!
Court : Allahabad
Decided on : Feb-21-1985
Reported in : AIR1985All223
..... his favour and this should necessarily lead one to a conclusion that the plaintiff had always been ready and willing to perform his part of the contract. it was submitted that these allegations when read together must be taken to mean an averment of plaintiff's readiness and willingness. in this ..... is defined as under :'it implies not only the disposition but the capacity to do the act.'plaintiff must show that non-completion of the contract was not the fault of the plaintiffs and that they were disposed and able to complete it if it had not been renounced by the defendants ..... has been added to lay an additional emphasis on these requirements and it provides that averment about performance of or readiness and willingness to perform the contract is sine qua non in a pleading for specific performance. the nature of the provisions essentially make it mandatory and there cannot be any escape from ..... in court any money except when so directed by the court; (ii) the plaintiff must aver performance of, or readiness and willingness to perform the contract according to its true construction.' 6. a reading of the section shows that a decree for specific performance cannot be granted to any one who ..... short of unnecessary portions, section 16 of the specific relief act, 1963, would read as under : --'16. personal bars to relief. specific performance of a contract cannot be enforced in favour of a person--(a) and (b).......... (c) who fails to aver and prove that he has performed or has always been .....Tag this Judgment!
Court : Punjab and Haryana
Decided on : Aug-26-1985
Reported in : AIR1986P& H21
..... because those title deeds were given to the corporation while creating equitable mortgage'.i am in respectful agreement with the above observation.62. lastly, mr. jain has contended that the contract between the petitioners-institution and the respondent-company stands frustrated and, therefore, the former is not entitled to recover the amount.63. there is no merit in this submission also ..... whether there had been substantial performance it was relevant to take into account both the nature of the defects and the proportion between the cost of rectifying them and the contract price....... ; (ii) on the judge's findings the defects in the central heating system were such that, when installed, it did not perform effectively the function which it was intended ..... institution to serve a notice in case there is possibility of initiation of liquidation proceedings against an industrial concern or if it fails to comply with the terms of the contract. in the present case, as already discussed above, not only proceedings for liquidation were initiated on a petition by creditor, but the respondent-company has been ordered to be wound ..... may be notice in writing require any industrial concern to discharge forthwith its liabilities to the corporation if the industrial concern had failed to company with the terms of its contract with the petitioners-institution in the matter of loan or advance, or if there is a reasonable apprehension that the industrial concern is unable to pay its debts, or that .....Tag this Judgment!