Indian Contract Act Section 171 — General lien of bankers, factors, wharfingers, attorneys and policy-brokers
CHAPTER IX OF BAILMENT
Commercial / Corporate
Summary
Bankers, factors, wharfingers, attorneys of a High Court, and policy-brokers are allowed to hold onto any goods that were given to them as a security for the overall balance of the account, unless there is an agreement that says otherwise.
No other people have the right to keep goods that were handed over to them as a security for such a balance, unless there is a specific and clear contract that gives them that right.
Official Text
Bankers, factors, wharfingers, attorneys of a High Court and policy-brokers may, in the absence of a contract to the contrary, retain as a security for a general balance of account, any goods bailed to them; but no other persons have a right to retain, as a security for such balance, goods bailed to them, unless there is an express contract to that effect1.