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Thursday, 11 August 2011

What are the rights and duties of pawnor and pawnee



RIGHTS OF PAWNOR :-
Following are the rights of pawnor :


1. Right of Redemption :-
A pawnor has a right of redemption after depositing the dues.


2. Right of Suit :-
If pawnee makes unauthorized sale the pawnor has the right to file a suit against the pawnee.


3. Right of Proper Care :-
The pawnor can enforce the pawnee to do proper care and maintain the pledged goods.



DUTIES OF THE PAWNOR :-
Following are the duties of Pawnor :


1. Meet the Obligations :-
Pawnor must meet the obligations regarding the contract with in specified time.


2. Pay Extra Expenditure :-
He should also pay the extra ordinary charges.



RIGHTS OF PAWNEE :-
Following are the rights of Pawnee :

1. Receipt of Payment :
Pawnee can retain the goods pledged until his dues are paid.


2. Retain for Other Debts :-
He has also right to retain the pledged goods for other debts taken.


3. Recover Other Charges :-
He has also right to recover the other charges like preservation of the pledged goods.


4. Sell the Goods :-
If pawnor fails to make payment then pawnee can sell the pledged goods after issuing the reasonable notice.



DUTIES OF PAWNEE :-
Following are the duties of pawnee :

1. Return of Goods :-
On the receipt of his dues he should return the goods.


2. Reasonable Care :-
He must do the reasonable care of the pledges goods.


3. Comply Terms :-
He should abide by the terms.


4. No Misuse :-
He should not make unauthorized use the pledged goods.


5. No Mixation :-
He should not mix the pledged goods with his own goods beard by the pawnee.

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