85350469 Contract of Bailment

8/9/2019 85350469 Contract of Bailment

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RESEARCH PROJECT ON-

“SIGNIFICANCE OF BAILMENT”

SUBMITTED TO-

THE TAMILNADU NATIONAL LAW SCHOOL,

TIRUCHIRAPPALLI.

In Fulfllment o the Requirements or InternalComponent in

LAW OF CONTRACTS

By

I. ALEXANDER (Regd. No. BA013000!

"nder the guidan#e $ %uper&ision o

'RF. )"*AR +,IN- RAAN

1


2/18

DECLARATION

I, I. ALEXANDER hereby declare that the pr!ect e"t#tled $SI%NI&ICANCE O&

'AIL(ENT) *+b#tted t the Ta#l Nad+ Nat#"al La Schl T#r+ch#rappall#, #* a

recrd / b"a/#de a"d #"depe"de"t r0 d"e by e +"der the *+per#*#" a"d 2+#da"ce

/ A**#*ta"t Pr/e**r Pr/. 3+ar %#"d Ra!a", &ac+lty / La, Ta#l Nad+ Nat#"al

La Schl T#r+ch#rappall#.

All #"/rat#" /+r"#*hed #" the pr!ect /r *cr+t#"y #* the tr+e t the be*t / y

0"led2e a"d bel#e/ de#d / pla2#ar#*. I/ pla2#ar#* +"der the c#rc+*ta"ce* #* tr+ly

e*tabl#*hed, the La Schl ay be plea*ed t prceed #th a"y act#" a2a#"*t e

accrd#"2 t the 4"#er*#ty5* r+le* a"d re2+lat#"*.

ALEXANDER

Sect#"--- A

16-11-17

8


3/18

SUPERVISOR’S CERTIFICATE

Th#* #* t cert#/y that the Re*earch Pr!ect e"t#tled9 “SIGNIFICANCE OF

BAILMENT” *+b#tted t the Ta#l Nad+ Nat#"al La Schl T#r+ch#rappall#, #"/+l/#lle"t / the re:+#ree"t* /r #"ter"al cp"e"t /r '.A. LL.' ;H"*.


4/18

ACKNOWLEDGEMENT

The /actr that accpa"#e* the *+cce**/+l cplet#" / ta*0 +ld be #"cplete #th+t the

e"t#" / the peple h ade #t p**#ble. A/ter all *+cce** #* the ep#te / hard r0

*eera"ce, +"deterred #**#"ary >eal, *tead deter#"at#" a"d *t / all e"c+ra2#"2

2+#da"ce. S, #th #e"*e 2rat#t+de, I ac0"led2e all th*e h*e 2+#da"ce a"d

e"c+ra2ee"t *ered a* a ?beac"5 a"d cr"ed y e//rt* #th *+cce**

(y *pec#al tha"0* t Mr. KGR /r 2ra"t#"2 e #th a" pprt+"#ty t d y pr!ect #" h#*

e*teeed cpa"y a"d *har#"2 h#* al+able #e* re2ard#"2 the *t+dy.

La*t b+t "t the lea*t I +ld l#0e t tha"0 y 'rther* a"d y &r#e"d* /r be#"2 #th e a"d

2+#d#"2 e all the ay.

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5/18

CONTRACT OF BAILMENT

'a#le"t #* a"ther type / *pec#al c"tract. S#"ce #t #* a ?c"tract5, "at+rally all ba*#c

re:+#ree"t* / c"tract are appl#cable. - - 'a#le"t ea"* act / del#er#"2 2d* /r a

*pec#/#ed p+rp*e " tr+*t. The 2d* are t be ret+r"ed a/ter the p+rp*e #* er. I" ba#le"t,

p**e**#" / 2d* #* tra"*/erred, b+t prperty #.e. "er*h#p #* "t tra"*/erred. A $ba#le"t) #*

the del#ery / 2d* by "e per*" t a"ther /r *e p+rp*e, +p" a c"tract that they *hall,

he" the p+rp*e #* accpl#*hed, be ret+r"ed r ther#*e d#*p*ed / accrd#"2 t the

d#rect#"* / the per*" del#er#"2 the. The per*" del#er#"2 the 2d* #* called the $ba#lr).

The per*" t h they are del#ered #* called the $ba#lee). - - E@pla"at#"9 I/ a per*" already

#" p**e**#" / the 2d* / a"ther, c"tract* t hld the a* a ba#lee, he thereby bece* the

ba#lee, a"d "er bece* the ba#lr, / *+ch 2d*, alth+2h they ay "t hae bee" del#ered

by ay / ba#le"t. Sect#" 176B. Th+*, #"#t#al p**e**#" / 2d* ay be /r ther p+rp*e,

a"d *+b*e:+e"tly, #t ay be c"erted #"t a c"tract / ba#le"t, e.2. *eller / 2d* #ll

bece ba#lee #/ 2d* c"t#"+e #" h#* p**e**#" a/ter *ale #* cpleteB.

'a#le"t ca" be "ly / ?2d*5. A* per *ect#" 8;< / Sale / %d* Act, ?2d*5 ea"* eery

0#"d / able prperty ther tha" "ey a"d act#"able cla#. Th+*, 0eep#"2 "ey #" ba"0

acc+"t #* "t ?ba#le"t5. A*0#"2 a per*" t l0 a/ter y+r h+*e r /ar d+r#"2 y+r ab*e"ce

#* "t ?ba#le"t5, a* h+*e r /ar #* "t a able prperty.


6/18

ESSENTIALS OF BAILMENT

T c"*t#t+te a ba#le"t, the act+al r c"*tr+ct#e p**e**#" / *pec#/#c able prperty +*t

be acated by #t* "er r p**e**r, r h#* a2e"t d+ly a+thr#>ed /r that p+rp*e, #" /ar /

a"ther per*" #" rder that the latter ay 0eep the *ae r per/r *e act #" c""ect#"

there#th, /r h#ch *+ch act+al r c"*tr+ct#e p**e**#" / the 2d* #* "ece**ary, therea/ter

ret+r"#"2 the #de"t#cal *+b!ect atter #" #t* r#2#"al r a" altered /r.

SPECI&IC (OA'LE PROPERTF

SECTION 14 e@pla#"* the de / del#ery t the !"#$%% a"d *tate* that the del#ery / 2d*

aybe e#ther act+al r c"*tr+ct#e. Ghe" the ba#lr ha"d* er t the ba#lee phy*#cal p**e**#"

/ the 2d* that #* called act+al del#ery. C"*tr+ct#e del#ery " the ther ha"d, de* "t

#"le ha"d#"2 er the phy*#cal p**e**#", b+t *eth#"2 #* d"e h#ch ha* the e//ect /

p+tt#"2 the 2d* #" the p**e**#" / the !"#$%%.

%OODS DELIERED

The 2d* are del#ered /r *e p+rp*e. Ghe" 2d* are del#ered by #*ta0e #th+t a"y

p+rp*e, there #* " ba#le"t.

T c"*t#t+te a ba#le"t there +*t be del#ery / p**e**#" / 2d* /r a *pec#/#c p+rp*e.

CASE9 KALIA PERUMAL V&S VISALAKSHMI, 1'(, A lady eplyed a %ld*#th /r

the p+rp*e / elt#"2 ld !eeler a"d a0#"2 "e +t the *ae. Eery ee"#"2 *he +*ed t

rece#e the hal/ ade !eel* /r the 2ld*#th a"d the #"t a b@ h#ch a* le/t #" a r #"

the 2ld*#th5* h+*e / h#ch *he reta#"ed the 0ey. O"e "#2ht the b@ a* *tle". It a* held

that the 2ld*#th a* "t #" p**e**#" the !eel*, a* he had 2#e" #t bac0 t the lady the

!eellery ba#led t h#. A* the 0ey* t the r ere #th lady, there a* " ba#le"t re-

ba#le"t #th the 2ld*#th. &+rtherre, " "e2l#2e"ce " the part / the 2ld*#th a* pred. There/re, the 2ld*#th a* "t l#able /r the !eellery.


7/18

K#)*+ - B"#$%)/

'a#le"t ay be cla**#/#ed /r the p#"t / #e* / ;#< be"e/#t* a"d ;##< reard t the

part#e*.

K#)*+ -r 0!%)%-#/’ #)/ - 2#%3

1. B"#$%)/ -r /5% %67$8+#2% !%)%-#/ - /5% !"#$r , e.2., ba#lr leae* 2d* #" the *a/e

c+*tdy / the ba#lee #th+t a"y cpe"*at#" t be pa#d.

8. B"#$%)/ -r /5% %67$8+#2% !%)%-#/ - /5% !"#$%% , e.2., a la" / *e art#cle. Th+* here

A brr* '5* /+"ta#" pe" t +*e #" the e@a#"at#" hall, the ba#le"t #* /r the *le

be"e/#t / A, the ba#lee.

=. B"#$%)/ -r /5% 8/8"$ !%)%-#/ - /5% !"#$r ")* /5% !"#$%% . It #* the *t c"

type / ba#le"t. C"tract* /r repa#r*, h#re, etc., /all #th#" th#* cla**, here#" the ba#lr

rece#e* the be"e/#t / *er#ce a"d the ba#lee be"e/#t* by the rece#pt / the a2reed

cha"2e*.

K#)*+ -r 0r%3"r*’ #)/ - 2#%3

1. Gr"/8#/8+ !"#$%)/9 It #* "e #" h#ch "e#ther the ba#lr "r the ba#lee #* e"t#tled ta"y re+"erat#", e.2., la" / a b0 t a /r#e"d, dep*#t#"2 / 2d* /r *a/e c+*tdy

#th+t a"y char2e.

8. N)9:r"/8#/8+ !"#$%)/9 It #* al* called a* a ?ba#le"t /r reard.5 Here, e#ther the

ba#lr r the ba#lee #* e"t#tled t re+"erat#", e.2., tr car let +t /r h#re, clth

2#e" /r ta#lr#"2 /r char2e*.

S% *#--%r%)7% !%/3%%) 0S"$%’ ")* 0B"#$%)/’

I" the ca*e / a ?*ale5 the "er*h#p #* tra"*/erred t the b+yer a"d the b+yer #* +"der "

bl#2at#" t ret+r" the 2d*, b+t #" the ca*e / ?ba#le"t5 the "er*h#p #" 2d* #* "t

tra"*/erred t the ba#lee a"d he #* b+"d t ret+r" the 2d* #" *pec#e.


8/18

S% *#--%r%)7% !%/3%%) 0B"#$%)/’ ")* 0L#7%)+%’

A c"tract / ?l#ce"*e5 #* that +"der h#ch "e party #* per#tted t place h#* 2d* #"

the pre#*e* bel"2#"2 t the ther party. It #* t be "ted that #" a c"tract / l#ce"*e, there #* "

del#ery / 2d* t the l#ce"*er. The l#ce"*er erely per#t* the l#ce"*ee t +*e the l#ce"*er5*

place /r 0eep#"2 the l#ce"*ee5* 2d*. Th+*, #" a c"tract / l#ce"*e the 2d* are "t del#ered

t the l#ce"*er, h#le #" ba#le"t the 2d* are del#ered t the ba#lee a"d the ba#lee #*

re*p"*#ble /r the#r *a/ety.

ILLUSTRATION

A e"t t *ee a hr*e race. He par0ed h#* car #" a /#eld bel"2#"2 t a /arer, h 2ae a

t#c0et t h#. A/ter the race a* er, A ret+r"ed t the /#eld a"d /+"d that the car had bee"

*tle". A /#led a *+#t a2a#"*t the /arer. I" de/e"*e the /arer ar2+ed that he a* "t the ba#lee /

the car a"d there/re he a* +"der " bl#2at#" t l0 a/ter the *a/ety / the car. He had erely

per#tted A t +*e h#* /#eld /r par0#"2 the car. It a* held, that th#* a* a c"tract / l#ce"*e a"d

"t / ba#le"t a"d the /arer a* +"der " bl#2at#" t l0 a/ter A5* car. The car had "t bee"

del#ered t the /arer a* *+ch he a* "t l#able /r a"y daa2e r pe"alty.

6


9/18

DUTIES OF BAILEE

A ba#lee #* the per*" t h the 2d* are del#ered. H#* d+t#e* are a* /ll*9

1. D8/; / /"ed +*e / the 2d*, he #* l#able t a0e cpe"*at#" t the

ba#lr /r a"y daa2e ar#*#"2 t the 2d* /r r d+r#"2 *+ch +*e / the. Th#* l#ab#l#ty

#* ab*l+te.

'. D8/; )/ / #6 :*+ !"#$%* 3#/5 5#+ 3) :*+ It #* al* the d+ty / ba#lee that he

*h+ld "t #@ h#* " 2d* #th th*e / the ba#lr, #th+t ba#lr5* c"*e"t. I/ the

2d* are #@ed #th the c"*e"t / the ba#lr, there #* " breach / d+ty a"d the ba#lr

a"d the ba#lee *hall hae a" #"tere*t, #" prprt#" t the#r re*pect#e *hare*, #" the

#@t+re th+* prd+ced. Sect#" 1 deal* #th th#* d+ty.4. D8/; / r%/8r) /5% :*+ Sect#" 1 lay* d" th#* d+ty #" the /ll#"2 ter*9 $It #*

the d+ty / the ba#lee t ret+r", r del#er, accrd#"2 t the ba#lr5* d#rect#"* the 2d*

ba#led, #th+t dea"d, a* *" a* the t#e /r h#ch they ere ba#led ha* e@p#red, r

the p+rp*e /r h#ch they ere ba#led ha* bee" accpl#*hed.)

?. D8/; / *%$#2%r "); "77r%/#) / /5% :*+ It #* the d+ty / the ba#lee t del#er t the

ba#lr a"y "at+ral #"crea*e r pr/#t accr+#"2 /r the 2d* ba#led, +"le** there #* a

c"tract t the c"trary.


10/18

DUTIES OF BAILOR

A ba#lr #* the per*" h del#er* the 2d*. H#* d+t#e* are a* /ll*9

1. D8/; / *#+7$+% -"8$/+ #) :*+ !"#$%* Sect#" 1 lay* d" th#* d+ty. The *ect#"

a0e* a d#*t#"ct#" betee" a 2rat+#t+* ba#lr a"d a ba#lr /r reard a"d pr#de* a*

/ll*9

a. A 2rat+#t+* ba#lr #* b+"d t d#*cl*e t the ba#lee all th*e /a+lt* #" the 2d*

ba#led, / h#ch he #* aare a"d h#ch ater#ally #"ter/ere #th the +*e / the,

r e@p*e the ba#lee t e@trard#"ary r#*0*, a"d #/ he /a#l* t d *, he #ll be

l#able t pay *+ch daa2e* t the ba#lee a* ay hae re*+lted d#rectly /r the/a+lt*. A 2rat+#t+* ba#lr #ll "t be l#able /r daa2e* ar#*#"2 t the ba#lee /r

de/ect* / h#ch he a* #2"ra"t.

b. A ba#lr /r reard #* re*p"*#ble /r all de/ect* #" the 2d* ba#led hether he #*

aare / the de/ect* r "t, #/ he de* "t d#*cl*e the t the ba#lee.

=. D8/; / r%"; )%7%++"r; %6%)+%+ #) 7"+% - :r"/8#/8+ !"#$%)/ Ghere, by the

c"d#t#"* / the ba#le"t, the 2d* are t be 0ept r t be carr#ed r t hae r0 d"e

+p" the by the ba#lee /r the ba#lr, a"d the ba#lee #* t rece#e " re+"erat#", #t #*

the d+ty / the ba#lr t repay all "ece**ary e@pe"*e* #"c+rred by the ba#lee /r the

p+rp*e / ba#le"t.

'. D8/; / r%"; "); 0%6/r"r*#)"r;’ %6%)+%+ #) 7"+% - ))9:r"/8#/8+ !"#$%)/

Ghere +"der the ter* / the ba#le"t, the ba#lee #* t rece#e re+"erat#" /r h#*

*er#ce*, #t #* the d+ty / the ba#lr t bear e@trard#"ary e@pe"*e*, #/ a"y, #"c+rred by the

ba#lee #" relat#" t the th#"2 ba#led. I" *+ch a ba#le"t the ba#lr #* "t t bear the

rd#"ary r +*+al e@pe"*e*.

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11/18

4. D8/; / #)*%)#-; !"#$%% A ba#lr #* al* b+"d t #"de"#/y the ba#lee /r a"y l**

*+//ered by the ba#lee, by rea*" / the /act that the ba#lr a* "t e"t#tled t ba#l the

2d* beca+*e / the de/ect#e t#tle.

?. D8/; / r%7%#2% !"7< /5% :*+ It #* the d+ty / the ba#lr t rece#e bac0 the 2d*

he" the ba#lee ret+r"* the a/ter the t#e / ba#le"t ha* e@p#red r the p+rp*e /

ba#le"t ha* bee" accpl#*hed. I/ the ba#lr re/+*e* t ta0e the del#ery / 2d* he"

#t #* //ered at the prper t#e, the ba#lee ca" cla# cpe"*at#" /r all "ece**ary

e@pe"*e* /, a"d #"c#de"tal t, the *a/e c+*tdy.

RIGHTS OF BAILEE

1. E)-r7%%)/ - !"#$r’+ *8/#%+ The d+t#e* / the ba#lr are the r#2ht / ba#lee. A* *+ch,

the ba#lee ca", by *+#t, e"/rce the d+t#e* / the ba#lr e"+erated.

=. R#:5/ / *%$#2%r :*+ / )% - +%2%r"$ @#)/ !"#$r Ghere 2d* hae bee" ba#led by

*eeral !#"t "er*, the ba#lee ha* a r#2ht t del#er the t, r accrd#"2 t the d#rect#"

/, "e !#"t "er #th+t the c"*e"t / all, #" the ab*e"ce / a"y a2reee"t t the

c"trary.

'. R#:5/ / *%$#2%r :*+, #) :* -"#/5, / !"#$r 3#/58/ /#/$% The ba#lee ha* a r#2ht t

del#er the 2d*, #" 2d /a#th, t the ba#lr #th+t t#tle, #th+t #"c+rr#"2 a"y l#ab#l#ty

tard* tr+e "er.

4. R#:5/ / $#%) The r#2ht t reta#" p**e**#" / the prperty r 2d* bel"2#"2 t

a"ther +"t#l *e debt r cla# #* pa#d, #* called the r#2ht t p**e**#" a"d #* l*t a*

*" a* p**e**#" / the 2d* #* l*t.

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12/18

RIGHTS OF BAILOR

1. E)-r7%%)/ - !"#$%%’+ *8/#%+ The d+t#e* / the ba#lee are the r#2ht* / the ba#lr. The

ba#lr ca" e"/rce by *+#t all the d+t#e* / the ba#lee a* h#* r#2ht*. T recap#t+late, the

ba#lr ha* the /ll#"2 r#2ht* a2a#"*t the ba#lee9

". R#2ht t cla# daa2e* /r l** ca+*ed t the 2d* ba#led by ba#lee5*

"e2l#2e"ce.

!. R#2ht t cla# cpe"*at#" /r a"y daa2e ar#*#"2 /r r +"a+thr#>ed +*e /

the 2d* ba#led.

7. R#2ht t cla# cpe"*at#" /r a"y l** /r a"y l** ca+*ed by the +"a+thr#>ed

#@#"2 / 2d* ba#led #th h#* " 2d*.

*. R#2ht t dea"d ret+r" / 2d* a* *" a* the t#e /r h#ch they ere ba#led

ha* e@p#red, r the p+rp*e /r h#ch they ere ba#led ha* bee" accpl#*hed.

=. R#:5/ / /%r#)"/% !"#$%)/ #- /5% !"#$%% 8+%+ /5% :*+ 3r):-8$$; The ba#lr ha*

the r#2ht t ter#"ate the ba#le"t, #/ the ba#lee de*, #th re2ard t the 2d* ba#led,

a"y act h#ch #* #"c"*#*te"t #th the ter* / the ba#le"t, alth+2h the ter /

ba#le"t ha* "t e@p#red r the p+rp*e / ba#le"t ha* "t bee" accpl#*hed.

'. R#:5/ / *%")* r%/8r) - :*+ "/ "); /#% #) 7"+% - :r"/8#/8+ !"#$%)/ Ghe"

the 2d* are le"t #th+t reard, the ba#lr ca" dea"d the#r ret+r" he"eer he

plea*e* ee" th+2h he le"t the /r *pec#/#ed p+rp*e r t#e a"d the ba#lee #* "t

2+#lty / r"2/+l +*e. '+t #/ the preat+re ret+r" / 2d* ca+*e* the ba#lee l** #"

e@ce** / be"e/#t act+ally der#ed by h# /r the +*e / *+ch 2d*, the ba#lr +*t

#"de"#/y the ba#lee /r the a+"t #" h#ch the l** cca*#"ed e@ceed* the be"e/#t

der#ed.

18


13/18

TERMINATION OF BAILMENT

A c"tract / ba#le"t ter#"ate* +"der the /ll#"2 c#rc+*ta"ce*9

1. I/ the ba#le"t #* /r a ?*pec#/#ed per#d5, the ba#le"t ter#"ate* a* *" a* the

*t#p+lated per#d e@p#re*.

8. I/ the ba#le"t #* /r a ?*pec#/#ed p+rp*e5, the ba#le"t ter#"ate* a* *" a* the p+rp*e

#* /+l/#lled.

=. I/ the ba#lee de* a"y act #th re2ard t the 2d* ba#led, h#ch #* #"c"*#*te"t #th the

ter* / ba#le"t, the ba#le"t ay be ter#"ated by the ba#lr ee" th+2h the ter /

ba#le"t ha* "t e@p#red r the p+rp*e / ba#le"t ha* "t bee" accpl#*hed.

7. A 2rat+#t+* ba#le"t ca" be ter#"ated by the ba#lr at a"y t#e, ee" be/re the

*pec#/#ed t#e r be/re the p+rp*e #* ach#eed, *+b!ect t the l##tat#" that here *+ch

ter#"at#" ca+*e* l** #" e@ce** / be"e/#t act+ally der#ed by the ba#lee, the ba#lr +*t

#"de"#/y the ba#lee /r the a+"t #" h#ch the l** cca*#"ed e@ceed* the be"e/#t

der#ed.

. A 2rat+#t+* ba#le"t #* ter#"ated by the death e#ther / the ba#lr r / the ba#lee.

1=


14/18

CONTRACT OF PLEDGE OR PAWN

The ba#le"t / 2d* a* *ec+r#ty /r paye"t / a debt r per/ra"ce / a pr#*e #* called

?pled2e5. The ba#lr #" th#* ca*e #* called the ?pa"r5 a"d the ba#lee #* called the ?pa"ee5.

C"+% A brr* R*, 1 /r ' a"d 0eep* h#* atch a* *ec+r#ty /r the paye"t / the debt.

The ba#le"t / atch #* called a pled2e.

Th+* a pled2e #* "ly a *pec#al 0#"d / ba#le"t. Here 2d* are dep*#ted #th a le"der

r pr#*e a* *ec+r#ty /r the repaye"t / a la" r per/ra"ce / a pr#*e. Other#*e, l#0e

ba#le"t, a pled2e al* #"le* "ly a tra"*/er / p**e**#" / 2d* pled2ed. The "er*h#p

rea#"* #th the pled2r. The pled2ee r pa"ee ha* "ly a *pec#al #"tere*t #" the 2d*

pled2ed. The 2e"eral #"tere*t rea#"* #" the pa"r a"d hlly reert* t h# " d#*char2e /

the debt. &+rther, l#0e ba#le"t, a pled2e #* c"cer"ed #th "ly able 2d*. The able

2d* #"cl+de a"y 0#"d / 2d*, al+able* a"d dc+e"t* / t#tle.

D#+/#)7/#) !%/3%%) B"#$%)/ ")* P$%*:%

1. A+ / 8r+%9 Pled2e #* the ba#le"t / 2d* /r a *pec#/#c p+rp*e #.e., t pr#de a

*ec+r#ty /r a la" r /r the /+l/#lle"t / a" bl#2at#", herea* there #* " *+ch

p+rp*e #" ca*e / ba#le"t. A ba#le"t #* /r a p+rp*e ther tha" the abe t, e.2.,

/r repa#r*, *a/e c+*tdy, etc.

8. A+ / r#:5/ - +"$%9 I" ca*e / pled2e, the pled2e ha* a r#2ht t *ale " de/a+lt a/ter 2##"2

"t#ce t pled2r b+t there #* " *+ch r#2ht / *ale t the ba#lee #" ca*e / ba#le"t. The

ba#lee ay e#ther reta#" the 2d* r *+e the ba#lr /r ""-paye"t / h#* d+e*.

=. A+ / r#:5/ - 8+#): /5% :*+9 I" ca*e / pled2e, the pled2ee ha* " r#2ht / +*#"2 the

2d* pled2ed, h#le " *+ch re*tr#ct#", e@#*t /r a ba#lee #" ca*e / ba#le"t #/ the

"at+re / tra"*act#" * re:+#re*.

17


15/18

RIGHTS OF PAWNEE

1. R#:5/ / r%/"#)%r9 The pa"ee ha* the r#2ht t reta#" the 2d* pled2ed +"t#l h#* d+e* are

pa#d. He ha* the r#2ht t reta#" the 2d* pled2ed, "t "ly /r paye"t / the debt r

per/ra"ce / the pr#*e, b+t /r the #"tere*t d+e " the debt a"d all "ece**ary

e@pe"*e* #"c+rred by h# #" re*pect / the p**e**#" r /r the pre*erat#" / the 2d*

pled2ed. Th+* th#* r#2ht ay be tered a* the pa"ee5* r#2ht / ?part#c+lar l#e"5.

8. R#:5/ - r%/"#)%r -r +8!+%8%)/ "*2")7%+9 Ghe" the pa"ee le"d* "ey t the *ae

debtr a/ter the date / the pled2e #th+t a"y /+rther *ec+r#ty, #t *hall be pre*+ed that

the r#2ht / reta#"er er the pled2ed 2d* e@te"d* ee" t *+b*e:+e"t ada"ce*. Th#*

pre*+pt#" ca" be reb+tted "ly by a c"tract t the c"trary.

=. R#:5/ / %6/r"r*#)"r; %6%)+%+9 The pa"ee al* ha* the r#2ht t recer /r the

pa"r e@trard#"ary e@pe"*e* #"c+rred by h# /r the pre*erat#" / the 2d*

pled2ed. '+t he ca""t reta#" the 2d*, #/ *+ch e@pe"*e* are "t pa#d. He ha* "ly a r#2ht

t *+e the pa"ee /r recery / *+ch e@trard#"ary e@pe"*e*.

7. R#:5/ / +8% /5% "3)%r r +%$$ /5% :*+ ) *%-"8$/ - /5% "3)%r 9 Ghere a pa"r

a0e* de/a+lt #" the paye"t / the debt r per/ra"ce / the pr#*e, the pa"ee ay

e@erc#*e e#ther / the /ll#"2 r#2ht*9

a. He ay br#"2 a *+#t a2a#"*t the pa"r /r the recery / the a+"t d+e t h#

a"d reta#" the 2d* pled2ed a* cllateral 2d*.

b. He ay h#*el/ *ell the th#"2 pled2ed, a/ter 2##"2 t the pa"r a rea*"able

"t#ce / h#* #"te"t#" t *ell.

1


16/18

DUTIES OF PAWNEE

Pled2e* be#"2 a *pec#al 0#"d / ba#le"t, the d+t#e* / a pa"ee are !+*t l#0e a ba#lee.

Th+* a pa"ee5* d+t#e* ay be e"+erated a* /ll*9

1. T ta0e rea*"able care / the pled2ed.

8. Nt t a0e a"y +"a+thr#>ed +*e / the 2d* pled2ed.

=. Nt t #@ the 2d* pled2ed #th h#* " 2d*.

7. Nt t d a"y act #" #lat#" / the ter* / the c"tract / pled2e a"d / the pr#*#"*

/ the C"tract Act.

. T ret+r" the 2d* pled2ed " rece#pt / h#* /+ll d+e*.

. T del#er a"y accret#" t the 2d* pled2ed.

1


17/18

RIGHTS OF PAWNOR

1. E)-r7%%)/ - "3)%%’+ *8/#%+9 The d+t#e* / the pa"ee are the r#2ht* / the pa"r.

The pa"r ca", there/re, e"/rce by *+#t all the d+t#e* / the pa"ee a* h#* r#2ht*.

8. D%-"8$/#): "3)r’+ r#:5/ / r%*%%9 A pa"r, h de/a+lt* #" paye"t / the debt

a+"t at the *t#p+lated date, ha* a r#2ht t redee the debt at a"y *+b*e:+e"t t#e

be/re the act+al *ale / 2d* pled2ed. Th+* a" a2reee"t that the pled2e *h+ld

bece #rredeeable, #/ #t #* "t redeeed #th#" a certa#" t#e, +ld be #"al#d.

DUTIES OF PAWNOR

1. T cpe"*ate the pa"ee /r a"y e@trard#"ary e@pe"*e* #"c+rred by h#.

8. T eet h#* bl#2at#" " *t#p+lated date a"d cply #th the ter* / c"tract.

1


18/18

'I'LIO%RAPHF

.arch#e.r2

.c#tehr.c

.a"a2ee"tparad#*e.c

.#"d#a"0a"".r2

.a"+patra.c

e".#0#ped#a.r2

16
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85350469 Contract of Bailment

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