Contract act section 170 to 180

 Contract from section 171 to 180 

Section 171 . General lien of bankers ,factors ,wharfingers , attorneys and policy brokers ----

Bankers ,factors , wharfingers,attorneys of a high court and policy brokers may ,in the absence of a contract to the contrary retain as a security for a general balance of account ,any goods bailed to them but no other person have right to retain as a security for such balance ,goods bailed to them unless there is an express contract to that effect 

Section 172.pledge ,pawnor and pawnee defined -- the bailment of goods as security for payment of a debt or performance of a promise is called pledge .the bailor is in this case called the pawnor .the bailee is called pawnee.

Section 173 ----pawnee 's right of retainer----the pawnee may retain the goods pledged not only for payment of the debt or the performance of the promise but for the interests of the debt and all necessary expenses incurred by him in respect of the possession or for the preservation of the goods pledged.

Section 174 .pawnee not to retain for debt or promise other than that for which goods pledged .presumption in case of subsequent advances -----the pawnee shall not in the absence of a contract to that effect ,retain the goods pledged for any debt or promise other than the debt or promise for which they are pledged .but such such contract ,in the absence of anything to the contrary shall be presumed  in regard to subsequent advances made by the pawnee .

Section 175 .pawnee 's right as to extraordinary expenses incurred ---the pawnee is entitled to receive from the pawnor extraordinarily expenses incurred by him for preservation of the goods pledged.

Section 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 a suit against the pawnor upon the debt or promise and retain the goods pledged as a collateral security or he may sell the things 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 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 than the amount vso due the pawnee shall pay over the surplus to the pawnor 

Section 177.defaulting pawner's right to redeem ---if a time is stipulated for the payment of the debt or performance of the promise,for which of the pledge is made and the pawnor makes default in payment of the debt or performance of the promise at the stipulated time he may redeem the goods pledged at any subsequent time before the actual sale of them but he must in that case pay in addition any expenses which have arisen from his default.

Section 178.pledged by mercantile agent -----where a mercantile agent is with the consent of the owner ,in possession of goods or the documents of  title to goods or the documents of title to goods any pledge made by him when acting in the ordinary course of business of a mercantile agent shall be as valid as if he were expressly authorised by the owner of the goods to make the same provide that the pawnee acts in good faith and has not at the time of the pledge notice that the pawnor has not authority to pledge .

Explanation -----in this section the expression mercantile agent and documents of title shall have the meanings assigned to them in the Indian sale of Goods,.

Section 178 A .pledge by person in possession under voidable contract ----when the pawnor has obtained possession of the goods pledged by him under a contract voidable under section 19 or section 19 A .but the contract has not been rescinded at the time of the pledge the pawnee acquires a good title to the goods provided he acts in good faith and without notice of the pawnor 's defect of title .

Section 179 .pledge where pawnor has only a limited interest ----where a person pledges goods in which he has only a limited interest the pledges is valid to extent of that interest.

Suit by bailor or bailee against wrong doer ..

Section  180 .suit by bailor or bailee against wrong doer -----if a third person wrongfully deprives the bailee of the use of possession of the goods bailed or does ,them any injury ,the bailee is entitled to use such remedies as the owner might have used in the like caSe if no bailment had been made and either the bailor or bailee may bring a suit against a third person for such deprivation or injury .

Section 182 .Appointment of relief or compensation obtained by such suit --whatever is obtained by way of relief or compensation in any such suit shall as between the bailor and the bailee ,be dealt with according to their respective interest.