27/12/2015

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Showing posts with label Bailment and Pledge. Show all

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T HURSDA Y , 1 1 A UGUST 2 0 1 1

What are the rights and duties of pawnor and pawnee

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RIGHTS OF PAWNOR :Following are the rights of pawnor :

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1. Right of Redemption :A pawnor has a right of redemption after depositing the dues.

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2. Right of Suit :If pawnee makes unauthorized sale the pawnor has the right to file a suit
against the pawnee.

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help...
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3. Right of Proper Care :The pawnor can enforce the pawnee to do proper care and maintain the
pledged goods.

Briefly discuss the general types of individual di...

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Harmony between heredity and environment is
necess...
November (4)

DUTIES OF THE PAWNOR :-

August (5)

Following are the duties of Pawnor :

May (6)
April (6)

1. Meet the Obligations :-

March (15)

Pawnor must meet the obligations regarding the contract with in specified

February (13)

time.

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2. Pay Extra Expenditure :He should also pay the extra ordinary charges.

RIGHTS OF PAWNEE :Following are the rights of Pawnee :

1. Receipt of Payment :
Pawnee can retain the goods pledged until his dues are paid.

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2. Retain for Other Debts :He has also right to retain the pledged goods for other debts taken.

3. Recover Other Charges :He has also right to recover the other charges like preservation of the
pledged goods.

4. Sell the Goods :If pawnor fails to make payment then pawnee can sell the pledged goods
after issuing the reasonable notice.

DUTIES OF PAWNEE :Following are the duties of pawnee :

1. Return of Goods :On the receipt of his dues he should return the goods.

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2. Reasonable Care :-

Agency (2)

He must do the reasonable care of the pledges goods.

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Bailment and Pledge

3. Comply Terms :-

(6)

He should abide by the terms.

Banking and Finance

(76)
Bill of Exchange (3)

4. No Misuse :He should not make unauthorized use the pledged goods.

Business (33)
Business
Combination (9)

5. No Mixation :He should not mix the pledged goods with his own goods beard by the
pawnee.

Business Finance
(11)
Business Law (98)
Business Risk (1)
Carriage of goods (9)

Posted by Mirza saab at 03:57 , 0 comments

Labels: Bailment and Pledge, Business Law , Contract

Central Bank (1)

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Define Pledge? Discuss the main essentials of pledge

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PLEDGE :-

Forex Brokers (2)

It is defined in the following words, "Bailment of goods as a security for

Income Tax (39)

the payment of a debt or performance of a promise is called pledge."

Industrial

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Development (10)

Bailor is called pledgor or "Pawnor" and Bailee is called "Pawnee" or

Industrial Law (14)

pledgee.

Insurance (12)
Introduction to

Example :- Mr. Shukla borrows Rs. Ten thousands from Mr. Pritam and

Business (109)

keeps his motor cycle as security for payment of the debt. The bailment

Joint Stock Company

of motor cycle is called pledge.

(21)

Note : In this example Mr. Shukla is a Pawnor and Mr. Pritam is a

Pawnee.

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BASIC ESSENTIALS OF PLEDGE :Following are the important essentials of pledge :

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Management (3)
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1. Moveable Property :-

Marketing and

The pledge is concerned with the moveable property. All types of goods

Distribution (5)

and valuable documents are included in it.

Nature and Scope of

Business (7)
Negotiable

2. Transfer of Possession :-

Instruments (11)

In case of pledge only possession of goods transferred by the pawnor to

Partnership (18)

the pawnee.

Planning and
Economic

Example :- Mr. Nelson ledges car with Mr. Mcculan and gets Rs.

Development (3)

100,000. He gives the possession of car to Mr Mcculan.

Press (2)
Principles of

3. Ownership Right :In case of pledge, the ownership of the goods remains with the pawnor. It
is not transfered to pawnee.
Example :- Mr. Wali pledges the plot with Mr. Raffel and gets 10 lac. The
ownership of the plot remains with Mr. Wali.

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4. Case of Mere Custody :-

Sociology (96)

Those people who have only mere custody of the goods cannot pledge

State Enterprises (4)

them.

Stock Exchange (8)

tax (5)

Example :- A custodian cannot pledge his masters banglow. It will be

Television (5)

invalid pledge.

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Trade Cycle (4)
Transport and

5. Limited Interest :-

Communication (2)

Pledge property cannot be used for unlimited interest. When a person

Types of Business

pledges goods in which he has only limited interest, the pledge is valid to

Ownership (4)

the extent of that interest only.

Example :- Mr. Nelson gives car to Mr. Andre for repair, but does not pay
Rs. 20,000 repair charges. Mr Andre pledges the car with Mr. Smith and

Warehousing (1)
Yarn Business (2)
Zakat (6)

borrows Rs. fifty thousands. This pledge is valid only up to ten thousands.

Posted by Mirza saab at 03:28 , 0 comments

Labels: Bailment and Pledge, Business Law , Contract

W EDNESDA Y , 1 0 A UGUST 2 0 1 1

Discuss the important rights and duties of the bailee

DUTIES or RESPONSIBILITIES or LIABILITIES of the BAILEE :-

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Following are the liabilities of the bailee :

1. Care of Goods :It is the duty of the bailee that he should take as much care of the goods
as a man of ordinary prudence takes care about his own goods.

2. Act According The Bailment :Any act of the bailee should not be against the conditions of the contract.
Otherwise contract will be voidable at the option of the bailor.

3. Mixing is Not Allowed :It is the duty of the bailee that he should keep the bailor goods separate
from his own goods. If he mixed without the consent of the bailor then he
himself will bear the expenses of separation and loss.

4. Should Not Deny The Title :It is the duty of the bailee that he should not deny or change the title of
the bailor about the ownership of goods.

5. Default of Responsibility :It is the duty of the bailee that he should not deny or change the title of
the bailor about the ownership of goods.

6. Return of Goods :It is the duty of the bailee to return or deliver the goods bailed according
to the bailors conditions.

7. return at Proper Time :It is the duty of the bailee that he should return the goods bailed as the
time or purpose of bailment completes without the demand of the bailor.

8. Return of Profit :It is also the duty of the bailee that he should deliver the profit or any
increase occurred in the bailed goods to the bailor.

9. Proper Use of Goods :It is the duty of the bailee that he should use the goods according the
conditions of the contract. If he misuses the goods then he will
compensate the loss to the bailor.

IMPORTANT RIGHT OF BAILEE :Following are the important right of bailee :

1. Recovery of Losses :If the bailee suffers a loss or damage due to the defects of the bailed
goods he has a right to recover it from the bailor.

2. Compensation Right :It is the right of the bailee that he should received compensation from the
bailor for any loss which he has suffered due to defects in the title of the
bailor.

3. Right of Retain :Sometimes bailee performs some services for the purpose of bailment. In
such cases bailee has a right to detain such bailed goods until he
receives the reward of his services.

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4. Recovery Of Expenses :All the expenses incurred for the bailment may be recovered by the bailee
from the bailor.

5. Right of Indemnity :Any loss which bailee has sustained may recover from the bailor on the
following grounds, "The bailor was not entitled to make the bailment, or
receive back the goods, or to give directions in this respect."

Posted by Mirza saab at 14:46 , 1 comments

Labels: Bailment and Pledge, Business Law , Contract

Discuss the important rights and duties of the bailor

DUTIES or RESPONSIBILITIES or LIABILITIES of the BAILOR :Following are the important duties and liabilities of the bailor :

1. Explain the Defect :It is the basic duty of the bailor that he should disclose all the defects of
the goods before delivering to bailee. If the bailor does not disclose then
he himself will be responsible for loss.
Example :- Mr. Wands hires a car from Mr. Zane. Car is defective. Mr.
Zane does not disclose facts that car is defective. Mr. Wands drives a car
and he is injured. Mr. Zane is responsible to Mr. Wands for damage.

2. Warning to the Bailee :If a bailor feels that bailee is showing carelessness and goods are in
danger. He should give warning to the bailee.

3. Payment of Necessary Expenses :It is the duty of the bailor that he should also pay necessary expenses
sustained by the bailee connection with the bailment.

4. To Indemnify The Bailee :It is the duty of the bailor that he should compensate the loss of bailed
which he has suffered due any one of the following reasons :
a. The bailor was not entitled to make the bailment.
b. The bailor was not entitled to give direction in this respect.
c. The bailor was not entitled to receive back the goods.

IMPORTANT RIGHTS OF BAILOR :Following are the important rights of bailor :

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1. Right of Return :As the purpose of bailment completes bailor has a right to take back the
goods bailed. If bailee fails to return then bailor has a right to claim for
compensation.

2. Return Before Time :With the consent of the bailee the bailor may return his goods before the
specified period.

3. Right of Termination :The contract of the bailment can be terminated by the bailor if the goods
bailed are misused or against the conditions of the contract.

4. Right of Profit :The bailor has right to get profit from the goods bailed according the
conditions of the contract.

5. Gratuitous Good Right Of Return :In case of gratuitous bailment the bailor has a right to terminate the
contract at any time. If bailee cause a loss it may be compensated to the
bailor.

Posted by Mirza saab at 14:42 , 1 comments

Labels: Bailment and Pledge, Business Law , Contract

Types or Kinds of Bailment

Types or Kinds of Bailment :Bailment has the following important kinds :

1. Bailment For Safe Custody :Sometimes an owner of the precious goods like ornaments delivers them
to the bailee for the safe custody.

2. Bailment For Reward :If the bailor charges some reward for the services it is called bailment for
reward.
Example :- Mr. Sean delivers the car on rent to Mr. Burg Rs. 25,00 per
day.

3. Gratuitous Bailment :It is gratuitous bailment when bailor does not charge any reward for the
bailment.

4. Bailment For Use :If any person delivers any article for the use to bailee it is called bailment

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for use.
Example :- Mr. Carlos delivers a pen in the examination room to Miss.
Rehana for three hours, it is a bailment for use.

5. Bailment For Lost Goods :If any person finds the goods of the other person, he will also be
considered bailee. It will be called a bailment of lost goods. Real owner
will be called bailor.

6. Bailment For Pledge :Sometimes an article is deposited with a lender as a security for the
performance of a promise or the repayment of debt.

7. Bailment For Repair :Sometimes a bailor delivers an article like Car, T.V, Laptop for the repair
to another person. It is known as bailment for repair.

8. Bailment For Carrier :Sometimes we deliver the goods to the transport companies for carriage.
It is known as bailment of carrier.

9. Termination :A contract of bailment is being dissolved with the completion of purpose,

expiry of time, death of the party or at the option of the bailor.

Posted by Mirza saab at 13:36 , 0 comments

Labels: Bailment and Pledge, Business Law , Contract

Define bailment and explain the important features

and essentials of bailment or Define contract of
bailment

Bailment :A bailment is a delivery of goods one person to another for some purpose
upon a contract that they shall be returned or otherwise disposed of
according to the directions of the person delivering. The person delivering
the goods is called the "Bailor". The person to whom they are delivered is
called "Bailee".
Example :- Mr. Jhon enters into agreement with Miss. Sony to deliver her
laptop to him on this condition that it shall be returned to her after one
month. In this example Mr. Jhon is a Bailee and Miss. Sony is a Bailor.
Laptop is good bailed. It is a contract of Bailment.

Essentials or Features of Bailment :Following are the important essential of bailment :

1. Contract :It is the basic essential for the bailment. For the delivery of goods
contract between the two parties is necessary. Contract may be oral or
written, implied or expressed.

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2. Moveable Property :It is the main feature of bailment that it is only for the moveable property
and not for the immoveable property.

3. Delivery of Goods :It is also necessary that goods should be delivered by one person to
another.

4. Change of Possession :Bailment contract also brings change in the possessions of the goods.
Only b without possession is not sufficient for this contract.

5. Purpose of Bailment :The object of bailment may be for the safety of goods or for hire or for the
use.

6. Temporary Delivery :The delivery of the goods may not be for the permanent purpose. it is
essential that delivery must be made for the temporary purpose.

7. Ownership :right of ownership remains with bailor and it does not change by the
delivery of goods to other person.

8. Change In Shape :If bailed goods shape changes in the mean time even then it remains a
contract of bailment.

9. Parties of the Contract :In the contract of bailment there are two parties, the bailor and the bailee.

10. Returnable :It is very important feature of the bailment. The bailee should return the
goods to the bailor or disposed according the directions of the bailor.

Posted by Mirza saab at 13:30 , 0 comments

Labels: Bailment and Pledge, Business Law , Contract

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