Bailment and Pledge - Law
BAILMENT & PLEDGE
Submitted by:
Konark Karkar
Ambalika Raha
Hilesha Noronha
Rohit Changrani
Section-N
IBS Mumbai Batch-2014
BAILMENT
Definition of Bailment
“A bailment is the delivery of goods by one person to another for some purpose, upon a contract that they shall, when the purpose is accomplished be returned or otherwise disposed’, of according to the directions of the persons delivering them”
Section 14.
The person delivering the goods it called the Bailor. The person to whom they are delivered is called the Bailee. The transaction is called Bailment.
Examples:
(i) P lends his book to Q.
(ii) P delivers a pen to Q for repair.
(iii) P gives Q his watch as security for a loan.
In all these cases P is the bailor and Q is the bailee.
Requisites of Bailment
1. Delivery: It is delivery of goods by one person to another.
2. Purpose: The goods are delivered for some purpose.
3. Return: It is agreed, that when the purpose is accomplished the goods are to be Returned or otherwise disposed of according to the direction of the bailor.
4. Contract: Bailment arises from express or implied contract. (in case of finder of Goods, bailment arises by implication tit’ law.
5. Ownership: In bailment the bailor continues to be the owner of the goods. Therefore, bailment does not cause any change of ownership.
6. Movable goods: Bailment is concerned with only movable goods. Money is not included in the category in movable goods. A deposit of money is not bailment.
Deposit of money in a bank does not .constitute bailment. 1Iir relationship between depositor and the bank is that of borrower and the lender.
7. Possession: A person already in possession of the goods may become a bailee by a subsequent agreement, express. or implied.
Submitted by:
Konark Karkar
Ambalika Raha
Hilesha Noronha
Rohit Changrani
Section-N
IBS Mumbai Batch-2014
BAILMENT
Definition of Bailment
“A bailment is the delivery of goods by one person to another for some purpose, upon a contract that they shall, when the purpose is accomplished be returned or otherwise disposed’, of according to the directions of the persons delivering them”
Section 14.
The person delivering the goods it called the Bailor. The person to whom they are delivered is called the Bailee. The transaction is called Bailment.
Examples:
(i) P lends his book to Q.
(ii) P delivers a pen to Q for repair.
(iii) P gives Q his watch as security for a loan.
In all these cases P is the bailor and Q is the bailee.
Requisites of Bailment
1. Delivery: It is delivery of goods by one person to another.
2. Purpose: The goods are delivered for some purpose.
3. Return: It is agreed, that when the purpose is accomplished the goods are to be Returned or otherwise disposed of according to the direction of the bailor.
4. Contract: Bailment arises from express or implied contract. (in case of finder of Goods, bailment arises by implication tit’ law.
5. Ownership: In bailment the bailor continues to be the owner of the goods. Therefore, bailment does not cause any change of ownership.
6. Movable goods: Bailment is concerned with only movable goods. Money is not included in the category in movable goods. A deposit of money is not bailment.
Deposit of money in a bank does not .constitute bailment. 1Iir relationship between depositor and the bank is that of borrower and the lender.
7. Possession: A person already in possession of the goods may become a bailee by a subsequent agreement, express. or implied.