What is Pledge by mercantile agent? Section 178 of Indian Contract Act 1872
178. Where a mercantile agent is, with the consent of the owner, in possession of goods or the document of title to goods, any pledge made by him, when acting in the ordinary course of business of a mercantile agent, shall be as valid as if he were expressly authorised by the owner of the goods to make the same; provided that the pawnee acts in good faith and has not at the time of the pledge notice that the pawnor has no authority to pledge.
Explanation.-In this section, the expressions "mercantile agent" and "documents of title" shall have the meanings assigned to them in the 2Indian Sale of Goods Act, 1930 (3 of 1930).
Section 166 - Bailee not responsible on redelivery to bailor without title
Section 167 - Right of third person claiming goods bailed
Section 168 - Right of finder of goods, may sue for specific reward offered
Section 169 - When finder of thing commonly on sale may sell it
Section 170 - Bailee's particular lien
Section 171 - General lien of bankers, factors, wharfingers, attorneys and policy-brokers
Bailment of pledges
Section 172 - Pledge pawnor and pawnee defined
Section 173 - Pawnee's right of retainer
Section 175 - Pawnee's right as to extraordinary expenses incurred
Section 176 - Pawnee's right where pawnor makes default
Section 177 - Defaulting pawnor's right to redeem
Section 178 - Pledge by mercantile agent
Section 178A - Pledge by person in possession under voidable contract
Section 179 - Pledge where pawnor has only a limited interest
Suits by bailees or bailors against wrong-doers
Section 180 - Suit by bailor or bailee against wrong-doer
Section 181 - Apportionment of relief or compensation obtained by such suits
CHAPTER X AGENCY
Appointment and authority of agents
Section 182 - Agent and principal defined
Section 183 - Who may employ agent