saarthak aneja (Student CA IPC / IPCC) (32 Points)
02 February 2014sir
why is money lending not considered as bailment - the study mat says bailment means change of posseion for specific purpose and is returned back or disposed off once the objective is achived , similarly money is given for specefic purpose i.e lending and intrest earning , and is returned back once the purpose is achived
Arvind Ray
(Practising Advocate CS LLB)
(339 Points)
Replied 03 February 2014
Bailment is the delivery of goods....Money is not "goods". See Contract Act AND sale of Goods Act - definition sections.
Chinnu Raj
(CA Final Student B.Com)
(1067 Points)
Replied 03 February 2014
It is the temporary placement of control over, or possession of personal property by the bailor to the bailee for a specific purpose for which the parties have agreed upon.....
CAclubindia
