Indian Contract Act,1872

Act No : 9

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Section : Pawnee's right where pawnor makes default

176.Pawnee's right where pawnor makes default.-If the pawnormakes default in payment of the debt, or performance, at thestipulated time of the promise, in respect of which the goods werepledged, the pawnee may bring a suit against the pawnor upon the debtor promise, and retain the goods pledge as a collateral security; orhe may sell the thing pledged, on giving the pawnor reasonable noticeof the sale. If the proceeds of such sale are less than the amount due inrespect of the debt or promise, the pawnor is still liable to pay thebalance. If the proceeds of the sale are greater than the amount sodue, the pawnee shall pay over the surplus to the pawnor.--------------------------------------------------------------------- 1 As to lien of an agent, see s. 22 1, infra. As to lien of aRailway Administration, see the Indian Railways Act, 1890 (9 of 1890),s. 55.---------------------------------------------------------------------62

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