Forums
Back
Sales of Goods Act
Corporate & Other Laws
Please explain to me (ii) b What is "rights of pledgee" and the last line "But in case... hands of the pledge"
Answers (2)
Best Answer
Pledgee is the one to whom a goods(such as gold ) is pledged as security for money and his right is to sell these goods if payment is not revecieved on time and it is the right of the pledgee Now last line states that unpaid seller can insist pledgee to sell other goods which given as security by the pledger and he is also the buyer in the eyes of unpaid seller first to set off the claim and if these goods are sufficient to setoff loan then unpaid seller will take his goods in return, if no then pledgee will also sell the whole goods Please note: pledgee always relieves security which is higher than the loan amount
Your Reply