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Pledge (Delivery of Possession (Pledge by Hypothecation (Reeves vs Capper,…
Pledge
Delivery of Possession
Actual
Constructive
Morvi Mercantile Bank vs UoI
Third Party
Delivery by Attornment
Pledge by Hypothecation
Reeves vs Capper
Bank of Chittoor vs Narasimbulu
Rights of Pawnee
Right of Retainer
S173
Debt
Interest on Debt
Expenses incurred for preservation
Sec 174
Retainer exists only for that promise
But presumption of retainer exists for subsequent transactions
Mohan Enterprises vs Andhra Bank
Special & Paramount interest of Pledge
Bank of Bihar vs State of Bihar
No right to directly seize from hypothecatee
UoI vs Senthilnathan
Right of Extraordinary Expense ( Sec 175)
Only right to sue and retainership extinguishes
Right to Sale (Sec 176)
If sale > debt;
Then pawnee returns the excess
If sale < debt; then pawnor pays the balance
Sundarlal Saraf vs Subhash Chand Jain
Subject to reasonable notice
Lullan Prasad vs Rahmat Ali
If goods lost due to pawnee's negligence; then debt reduced by value of goods
Pledge by Mercantile Agent (Sec 178)
With Consent of Owner
In course of business
Possession under Voidable Contract (Sec 178A)
Phillips vs Brooks
Rights of Pawnor
Right to Redeem (Sec 177)
Pledge by Pledgee (Sec 179)
Thakurdas vs Mathura Das
In Pursuant of a Contract
Blundell Leigh vs Attenborough