What Is Contract of Bailment and Pledge

If A gave away his scooter B for repair purposes. B use this scooter for personal use. Here, B is responsible for the unauthorized use of the goods. A is entitled to compensation and has the right to terminate the deposit contract. If A is in possession of the watch under a countervailable contract, the watch is handed over to B in good faith. B and does not know the title of the watch, he accepts it. This commitment is deemed valid. But if B knows the title, then this promise is not considered valid. A contract in which the goods are handed over to another party by a party for a specific reason, which is express or implied for a short period of time. The person who delivers the goods is called the judicial officer, while the consignee of the goods is called the guarantor. Under section 177 of the Indian Contract Act of 1872, the Pawnor has the right to redeem. By this we mean that upon repayment of the debt or execution of the promise, the Pawnor may redeem the goods pledged by the Pawnee or the pledged property before the Pawnee makes the actual sale. The right of redemption expires as soon as the actual sale is made by the Pawnee in accordance with its law under section 176 of the Indian Contract Act, 1872.[9] The deposit contract is different from the contract for the purchase of a property.

In the contract of sale of a property, after the completion of the sale, the ownership of the property passes to the buyer. However, in the case of deposit, only possession of the property is transferred to the depositor and not to the property, and possession of the property is transferred only for the period up to the achievement of the purpose. To be released on bail, the depositor must intend to own the property, i.e. the actual possession of the property. The bailiff intends to transfer the property to the guarantor for a period of time, and after fulfilling the purpose, the property should be returned to the beneficial owner. 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. 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 the suretyship, the pledge is also of a special order. Here are the two main conditions for establishing a valid pledge, which are almost the same as those of the deposit: in simple terms, the “deposit” is a situation in which certain movable property from the “bailiff” (the person who provides the goods) to the “guarantor” (the person, to whom they are delivered) for the rental for a specific purpose. and must be refunded to the owner or otherwise disposed of in accordance with the bailiff`s instructions after fulfilling this purpose. The deposit therefore includes the transfer of ownership of the goods to a person who owns the goods either for or on the instructions of their owner to whom they are returned. [2] Situation 1: When A and B own a car together. The car belongs to A. One day, A wants to buy the car for free in order to commit against bail, he must obtain B`s consent.

Figure 6: Mark has taken out a loan from the bank in exchange for a gold guarantee. In this case, Mark is a pawnshop, the bank is a pawnshop, and gold is the pledged commodity. 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. 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. If A finds a faulty watch and spent Rs.50 to repair that watch. Here, A may have a limited interest in the watch, that is, he can buy the watch for Rs.50 or less as a deposit. 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. 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. In the event of collateral, the pawnshop has a special right to the goods, somewhere between the lien and the mortgage, which allows the pawnshop to keep the goods in order to force the pawnshop to repay[6], to charge extraordinary fees (for the preservation of the goods)[7] or to sell the goods in the event of late payment[8]. Kil A person who is in possession on the basis of a countervailable contract [16] Where the purpose of delivery of the goods has been achieved or, for example, where payment of the claim for which the goods are pledged has been achieved, the consignee shall return the goods to its beneficial owner. However, if the consignee fails to redeem the goods within a reasonable time, he has the right to sell the goods after appropriate notification from his owner. From this definition, it can be deduced that collateral is a type of deposit of movable property whose purpose is to serve as security for the payment of a debt or the execution of a promise. When issuing a pledge, also known as a “pledge”, the lessor is called “Pawnor” and the bailee is called “Pawnee”. In Kaliaporumal Pillai v. Visalakshmi,[4] a lady brought her old jewelry, which was merged into new jewelry, to a goldsmith.

She kept a box in which she placed the new jewelry she had received and locked the box with the only key in the goldsmith`s premises. The jewelry was stolen one night. It was decided that the goldsmith could not be held responsible, since the “possession” of the jewels had not been given to him. Similarly, if some valuable jewelry is kept in lockers at the bank, where the safe is not accessible without the owner`s key, there would technically be no deposit. 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. In the law, the word deposit is used in its technical sense, which means the change of ownership of the goods, that is, one person transfers the goods to another person. On the other hand, collateral is a type of deposit where one person makes his or her property available to another person as collateral against loans. The deposit and the pledge are examples of specific contracts. The deposit contract can be divided into three categories: The main difference between deposit and deposit lies in the use of goods, that is, .

. .