Contract act question

 

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    A pledges his gold necklace with B, a money-lender, for a loan of ₹2,00,000. The parties agree that the loan will be repaid within six months. A fails to repay the loan on the due date. B, after giving reasonable notice to A, sells the necklace to C for ₹2,30,000. Before the sale, A had offered to repay the entire loan with interest, but B refused to accept the payment. Later, the actual sale price is found to be ₹2,50,000. A claims the necklace back and also claims the excess amount.

    Explain the rights of A and B under Sections 172 to 177 of the Indian Contract Act, 1872.

    Answer

    A pledge is the bailment of goods as security for payment of a debt or performance of a promise under Section 172.

    Under Section 173, B, as pawnee, has a right to retain the pledged goods for the debt, interest and necessary expenses incurred for their possession.

    Under Section 174, B may retain the goods for certain subsequent advances only where the contract so provides.

    Under Section 175, B is entitled to receive extraordinary expenses incurred for preserving the pledged goods.

    Under Section 176, if A defaults, B may either sue A for the debt while retaining the goods as security, or sell the pledged goods after giving A reasonable notice of sale. If the sale proceeds are insufficient, A remains liable for the balance. If there is a surplus, B must pay the surplus to A.

    However, under Section 177, A has the right to redeem the pledged goods at any time before the actual sale, subject to payment of the debt and expenses arising from the default.

    Therefore, since A offered to pay the debt before the actual sale, A can claim redemption if the offer was legally sufficient. If the sale was nevertheless validly completed, B must account for the surplus sale proceeds to A.


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