TRUST RECEIPTS GIVEN TO THE BANK BY THE PAWNOR [CD1]
TRUST
RECEIPT
Date:
To
The ................................
……………..Bank,
……………..Branch,
Dear Sir,
In consideration of your delivering the
documents specified in Schedule hereunder, relating to produce of goods pledged
to you, we confirm and declare that we hold the said documents on trust for you
and undertake as follows:
1.
We will comply with all the
terms and conditions mentioned in your letter No. .......................
dated……………..a copy of which has been annexed at Annexure to this receipt.
2.
We will treat the said
documents and goods in our books as belonging to you and hold the same on your
behalf.
3.
We will take delivery of the
goods and produce to which such documents relate, for the purpose of
manufacturing and/or sale to buyers to whom we are not indebted or under any
liability.
4.
On receipt of the goods on the
basis of the documents and till the sale thereof, the goods shall be stored in
a warehouse and the warrant shall be handed over to you or to such person to
whom you direct from time to time.
5.
On sale of the said goods, the
proceeds of sale or any part payment shall be remitted to you forthwith without
any deduction whatsoever.
6.
We will keep the goods fully
insured with an insurance company in our and your joint names and hold the
policies and the proceeds in trust for you. In case the goods are lost, damaged
or destroyed any money received from the insurance company as compensation
shall be forthwith paid to you and if the full value of the said goods is not
received, we will pay the balance amount to make up the deficiency.
7.
We will pay the freight
charges, warehouse charges and other charges and costs of and incidental to the
storing and transit of the said goods.
8.
We will sell the said goods to
the customers on market rate and will send the copy of the sales invoice for the
goods to you. We undertake that we will not sell the goods on credit or at
concessional or less than current market rate of the said goods.
9.
We will keep the goods separate
from our own goods or goods of any other person at all times and inform the address
of the place from time to time where such goods are stored or kept.
10.
You or your agents or nominees
will have the right to inspect the goods at all reasonable times and for that
purpose to enter into the premises, factory or place where the goods are kept
or stored.
11.
We hereby indemnify and keep
you indemnified against all actions, claims, demands, costs, expenses or
liabilities of whatever nature commenced, initiated or incurred by you for
anything done or omitted to be done by us in connection with or relating to the
release of documents to us or relating to the goods.
12.
This trust receipt will remain
in full force and effect, notwithstanding winding up proceeding taken against
us or any change in our constitution or amalgamation or take over of our
company with any other company or concern or any settlement, compromise or
adjustment of account and this will be in addition and not in substitution of
any security, guarantee, right or lien held by you and your rights shall not be
affected in any way by varying, releasing or otherwise enforcing any of
securities, rights, guarantee or lien.
13.
The liability under this
receipt will continue, until the moneys due on the pledge, for which the
documents were pledged and interest, costs and charges due and payable thereon
are repaid to you and until such time, we will continue to be liable under this
Receipt.
14.
This receipt is being issued in
pursuance of the Resolution of the Board of Directors passed on the
day……………..20……………..a copy of which is enclosed.
The
Schedule above referred to
Annexure
Signed by
...............................
……...……………..Co.
Ltd.
Director Managing Director
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