176. Pawnee’s right where pawnor makes default.
If the pawnor makes default in payment of the debt, or performance, at the stipulated time, or the promise, in respect of which the goods were pledged, the pawnee may bring as suit against the pawnor upon the debt or promise, and retain the goods pledged as a collateral security; or he may sell the thing pledged, on giving the pawnor reasonable notice of the sale.
If the proceeds of such sale are less than the amount due in respect of the debt or promise, the pawnor is still liable to pay the balance. If the proceeds of the sale are greater that the amount so due, the pawnee shall pay over the surplus to the pawnor.
Read Contract Act in a systematic way.
Download beautiful, mobile friendly Contract Act PDF.
WritingLaw offers important Bare Act PDFs, Law Notes, Law Q&As, Law Articles, Law MCQ Tests, and more.
Latest posts by WritingLaw (see all)
- Article 334A of the Constitution of India - 14th April 2024
- Article 332A of the Constitution of India - 14th April 2024
- Article 330A of the Constitution of India - 14th April 2024
WritingLaw » Contract Act, 1872 » 
If you are a regular reader, please consider buying the Law PDFs and MCQ Tests. You will love them. You may also support us with any amount you like. Thank You.
