Miscellaneous Provisions

Indian Contract Act (ICA)1872

Title

45:30

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Indian Economy - Understanding the basics of Indian economic system

---------- entitles the bailee to retain those goods of the bailor for a general balance of the account.

Particular lien

General lien

Ownership

Pledge

- General lien ()

- This allows someone (the bailee) to keep possession of the goods until all debts owed by the bailor are cleared.

- Particular lien

- This is specific to a particular transaction or obligation. The bailee retains goods only for a specific debt.

- Ownership

- This implies full rights and control over the item or property. It's unrelated to debts or liens.

- Pledge

- This is a security interest where goods are given to a lender until a debt is repaid. It involves specific terms agreed upon by both parties.