What are the rights and the duties of the pledgee and the pledger?

The pledger has a right to claim back the security pledged on repayment of the debt with interest and other charges. The pledger has a right to receive a reasonable notice in case the pledgee intends to sell the goods and in case he does not receive the notice he has a right to claim any damages that may result.

What is pledge What are the rights and duties of Pawnor and Pawnee?

Pawnee has a right to file a suit for recovery of debt while retaining the goods pledged as security. He has a right to sue for the sale of goods pledged and the payment of money due to him. Pawnee has a right to seek reimbursement of extraordinary expenses incurred.

Who is the pledger and pledgee?

is that pledgee is someone who receives a pledge while pledger is someone who gives a pledge.

What are the rights of a pledgee?

Rights of a pawnee/pledgee: All necessary expenses incurred by him in respect to the possession or for the preservation of the goods pledged. All of which is lawfully due. In Right to Lien there is no right to sell but in right to retainer there is. (ii) Right to Recover Extraordinary Expenses Incurred by Him (S.

What are the duties of pledgee?

pledgee’s primary duty is to hold the collateral in its original form so that the pledgor can redeem his property at any time by payment of his debt, and thus retake it in the form originally given.

What are the rights and duties of an agent?

Rights of an Agent

• 1) Right to Receive Remuneration.
• 2) Right of Lien (Section221)
• 3) Right to Indemnity.
• 4) Right to Compensation :
• 1) Agent’s duty in conducting principal’s business (Section 211) :
• 2) Skill and diligence required from agent (Section 212) :
• 3) Duty to render proper accounts (Section 213)

What does Pledger mean?

Definitions of pledger. someone who makes or gives a pledge. type of: adult, grownup. a fully developed person from maturity onward.

What is a Pledger?

Definitions of pledger. someone who makes or gives a pledge.

What are the 5 duties of an agent?

DUTIES OF AGENT

• Duties to follow Instructions or Customs:
• Duty of reasonable care and skill.
• DUTY TO AVOID CONFLICT OF INTEREST.
• Duty not to make secret profit:
• Duty to remit sums.
• Duty to maintain Accounts:
• Duty not to delegate.

What is the first duty of action for an agent?

The first duty is loyalty. The agent has an obligation of loyalty to the principal and must act with allegiance solely to the principal. Generally speaking, this means the agent must act with the principal’s best interests in mind.

What are the duties of a pledgor?

A pledgor is responsible to meet any extraordinary expenditure incurred by the pledgee for the preservation of the goods. Where the pledgee has exercised his right of sale of goods, any shortfall has to be made good by the pledgor.

What are the rights of Pledger?

If the Pledgee without the permission of Pledger mixes the goods of Pledger with his own goods in such a way that it becomes impossible to separate them, the Pledger has a right to claim for the compensation for the loss of goods. Duties of PledgerFollowing are the duties of Pledger

What is pledge and pledgee’s right and duties?

Section 172 to 176 of the Indian Contract Act, 1872 deals with pledge and pledgee’s right and duties on goods pledged. Section 148 of Indian contract Act defines Bailment which is summarized below: III) When the purpose is accomplished, the goods must either be returned or disposed of as per the terms of the contract.

What happens if pledgee mixes goods of Pledger?

If the Pledgee without the permission of Pledger mixes the goods of Pledger with his own goods in such a way that it becomes impossible to separate them, the Pledger has a right to claim for the compensation for the loss of goods. Duties of PledgerFollowing are the duties of Pledger Duty to disclose faults