Notice of Sale of Pledged Articles

Notice of Sale of Pledged Articles

(Section 176 of the Indian Contract Act 1872)


AB (Pledgor)

Dear Sir

I hereby demand of you payment of the sum of Rs. ……… long overdue by you to me as per account below, request you to be good enough to pay or cause to be paid the said amount by the ……… day of ………; in default, the articles pledged shall be sold by public auction to the highest bidder at the, etc., at ……… o’clock, on the ……… day of ……… Nevertheless you shall remain responsible for shortfall or deficiency, if any, which will be recovered from you after appropriation of the proceeds of such sale, first, towards the costs and expenses of such sale; secondly, all interest due until the date of sale; and, thirdly, the principal amount, all to be deducted therefrom. Be that so, I would ask you to attend such sale personally and exert yourself for the best price or prices which they may fetch.

Account and the list of the articles above referred to

Yours faithfully

(Date)                                                                                            (Pledgee)