1999 (8) TMI 923

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....bers of the Kerala Small Financier's Association. The writ petition has been filed by the Kerala Private Bankers Association, represented by its President, North Kerala Private Banker's Association, represented by its President and the Managing partner of Oriental Firm (Financiers), Kattoor. 2.. The original petition was filed to declare that the respondents are not entitled in law to levy sales ....

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....capacity and that they can sell the goods after giving notice to the pawner and the amount obtained is to be appropriated to the amount due to them. Thus the entire consideration is not taken by the pawnee (petitioners) because if the amount obtained exceeds the loan amount, the balance has to be returned to the owner of the goods. 3.. In an identical case filed by the Karnataka Pawn Brokers' Ass....

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....rengthened by the definition of "pawnbroker". It is further held as follows: "The explanation to the definition of 'pawnbroker' contemplates that every person who keeps the shop for the purchase or sale of goods or chattels and who purchases goods or chattels and pays or advances thereon any sum of money, with or under an agreement or understanding expressed or implied that the goods or chattels ....