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The codes of California as amended and in force at the close of the thirty-eighth session of the Legislature, 1909 (Volume 2 Civil Code) online

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50, 51 (construed and applied); 67 C. 57, 58, 7 P. 47, 48 (con-
strued and applied); 84 C. 554, 556, 557, 24 P. 169, 170 (construed
and applied); 91 C. 636, 638, 639, 27 P. 1088, 1089 (construed and
applied with other sections); 94 C. 494, 496, 29 P. 858 (construed
and applied); 104 C. 420, 427, 38 P. 92 (construed and applied);
105 C. 327, 330, 332, 38 P. 889 (construed and applied); 105 C.
467, 470, 38 P. 1109 (construed and applied); 39 P. 783, 785 (con-
strued and applied); 39 P. 1069, 1070, 1071 (construed and
applied); 106 C. 673, 679, 680 (e»roneously cited as §1957), 39 P.
1071, 1073 (correct citation); 108 C. 250, 253, 257, 49 A. S. 84, 41
P. 472, 39 P. 783 (construed and applied); 115 C. 316, 319, 325,
47 P. 47, 1095, 36 L. 505 (construed and applied with other sec-
tions) ; 121 C. 272, 274, 53 P. 801 (construed and applied); 53 P.
911, 913 (construed with § 2955 — in case of articles enumerated
in § 2955, recordation is substituted for delivery and change of
possession); 124 C. 321, 327, 330, 71 A. S. 68, 57 P. 76 (construed
and applied); 127 C. 290, 296, 304, 306, 308, 309, 53 P. 911, 59 P.
827, 46 L. 371 (construed and applied); 128 C. 103, 105, 60 P.
675 (construed and applied); 130 C. 474, 477, 62 P. 735 (construed
and applied); 131 C. 605, 607, 63 P. 924 (construed and applied) ; 143
C. 4, 6, 76 P. 647 (construed and applied) ; 152 C. 488, 492, 92 P. 1017
(applied with other sections); 4 C. A. 630, 633, 89 P. 360, 361
(validity of mortgage upon water stock); 51 P. 840, 851 (validity
of chattel mortgage upon rolling stock of railroad).

As to chattel mortgages, registration and filing, etc., of, see
13 L. 388-390; and note 21 A. S. 282.

As to many miscellaneous matters as to mortgages, see note
§ 2920, ante.

As to sufficiency of pre-existing debt as consideration for
chattel mortgage to give right as to bona fide purchaser of the
mortgagee, see 19 L. 590, and 33 L. 305, 311.

As to when chattel mortgage deemed fraudulent, see 5 L. 137.

§2958. MORTGAGE OF SHIPS, WHEN VOID AS TO
THIRD PERSONS. A mortgage of any vessel or part of any
vessel under the flag of the United States is void as against
any person (other than the mortgager, his heirs, and devisee,
and persons having actual notice thereof), unless the mortgage
is recorded in the office of the collector of customs where such
vessel is registered or enrolled.

History: Enacted March 2l", 1872.

124 C. 321, 327, 330, 71 A. S. 68, 57 P. 76 (construed and applied
with other sections); 4 C. A. 630, 633, 89 P. 360, 361 (validity of
mortgage upon water stock).

1488



Tit.XIV,ch.II,art.III.] RECORDING— trust. §§ 2959, 2960

As to foreclosure of mortgage on ship, and application of
proceeds, see Kerr's Cyc. C. C. § 2958, note par. 2.

As to many miscellaneous matters as to mortgages, see note
§ 2920, ante.

§2959. WHERE RECORDED. A mortgage of personal
property must be recorded in the office of the county recorder
of the county in which the mortgager resides, if the mort-
gager be a resident of this state, and it shall also be recorded
in the county in which the property mortgaged is situated,
or to which it may be removed.

History: Enacted March 21, 1872; amended by Code Com-
mission, Act March 16, 1901, Stats, and Amdts. 1900-1, p. 417,
held unconstitutional, see history, § 4 ante; amended March 22,
1907, Stats, and Amdts. 1907, p. 853. In effect immediately.

See Kerr's Cyc. C. C. for 12 pars, annotation.

63 C. 550, 551 (construed and applied); 115 C. 316, 319, 321, 322,
323, 47 P. 47, 1095, 36 L. 505 (construed and applied); 124 C. 321,
327, 330, 71 A. S. 68, 57 P. 76 (construed and applied with other
sections); 127 C. 290, 298, 53 P. 911, 59 P. S27, 46 L. 371 (referred
to); 4 C. A. 630, 633, 89 P. 360, 361 (validity of mortgage upon
water stock); 64 F. 450, 451 (validity of chattel mortgage upon
rolling stock of railroad under special provision, without com-
plying with §§2955, 2959 — modifying 51 P. 840, 851); 118 P. 668,
669 (construed and applied with § 2962 — invalidity of mortgage
covering property in two counties, but recorded only in one).

As to many miscellaneous matters as to mortgages, see note
§ 2920, ante,

§2960. PROPERTY IN TRANSIT, WHERE TO BE RE-
CORDED. For the purposes of this article, property in transit
from the possession of the mortgagee to the county of the
residence of the mortgager, or to a location for use, is, dur-
ing a reasonable time for such transportation, to be taken as
situated in the county in which the mortgager resides, or
where it is intended to be used.

History: Enacted March 21, 1872.

124 C. 321, 327, 330, 71 A. S. 68, 57 P. 76 (construed and applied
with other sections); 4 C. A. 630, 633, 89 P. 360, 361 (validity
of mortgage upon water stock).

As to many miscellaneous matters as to mortgages, see note
§ 2920, ante.

1489



§§ 2961-2963 CIVIL CODE. [Div.III.Pt.IV.

§2961. PROPERTY OF A COMHON CARRIER, WHERE
TO BE RECORDED. For a like purpose, personal property-
used in conducting the business of a common carrier is to be
taken as situated in the county in which the principal office
or place of business of the carrier is located.

History: Enacted March 21, 1872.

124 C. 321, 327, 330, 71 A. S. 68, 57 P. 76 (construed and applied
with other sections); 4 C. A. 630, 633, 89 P. 360, 361 (validity of
mortgage upon water stock).

As to many miscellaneous matters as to mortgages, see note
§ 2920, ante.

§2962. RECORDED IN DIFFERENT PLACES. A single
mortgage of personal property, embracing several things of
such character or so situated that by the provisions of this
article separate mortgages upon them would be required to
be recorded in different places, is only valid in respect to
the things as to which it is duly recorded.

History: Enacted March 21, 1872.

See Kerr's Cyc. C. C. for 3 pars, annotation.

124 C. 321, 327, 330, 71 A. S. 68, 57 P. 76 (construed and applied
with other sections); 127 C. 290, 310, 53 P. 911, 59 P. 827, 46 L.
371 (construed and applied in dis. op.); 4 C. A. 630, 633, 89 P.
360, 361 (validity of mortgage upon water stock); 118 F. 668,
669 (construed and applied with § 2959 — invalidity of mortgage
covering property in two counties, but recorded only in one).

As to many miscellaneous matters as to mortgages, see note
§ 2920, ante.

§2963. PERSONAL MORTGAGE MAT BE RECORDED.

Except as it is otherwise in this article provided, mortgages
of personal property may be acknowledged, or proved and
certified, recorded in like manner and with like effect as
grants of real property; but they must be recorded in books
kept for personal mortgages exclusively.

History: Enacted March 21, 1872.

124 C. 321, 327, 330, 71 A. S. 68, 57 P. 76 (construed and applied
With other sections); 4 C. A. 630, 633, 89 P. 360, 361 (validity of
mortgage upon water stock).

1490



Tit.XIV,ch.II,art.III.] PROPERTY EXEMPT. §§2964,2965

As to effect of recording or want thereof, see Kerr's Cyc. C. C.
§§ 1213-1218 and notes.

As to many miscellaneous matters as to mortg'ages, see note
§ 2920, ante.

As to mode of recording, see Kerr's Cyc. C. C. §§ 1169-1173 and
notes; § 2957 and note pars. 19-25.

§ 2964. CERTIFIED ( OPIES MAY BE RECORDED, WHE\.

A certified copy of a mortgage of personal property once
recorded may be recorded in any other county, and when so
recorded the record thereof has the same force and effect as
though it was of the original mortgage.

History: Enacted March 21, 1872.

124 C. 321, 327, 330, 71 A. S. 68, 57 P. 76 (construed and applied
with other sections); 4 C. A. 630, 633, 89 P. 360, 361 (validity of
mortgage upon water stock).

As to many miscellaneous matters as to mortgages, see note
§ 2920, ante.

§2965. PROPERTY EXEMPT FROM EFFECT OF MORT-
GAGE, WHEN. When personal property mortgaged is there-
after removed from the county in which it is situated, the
lien of the mortgage shall not be affected thereliy for thirty
days after such removal; but, after the expiration of such
thirty days, the property mortgaged is exempted from the
operation of the mortgage, except as between the parties
thereto, until either:

1. The mortgagee causes the mortgage to be recorded in the
county to which the property has been removed; or

2. The mortgagee takes possession of the property as pre-
scribed in the next section.

History: Enacted March 21, 1872; amended February 22,
1909, Stats, and Amdts. 1909, p. 44.

See Kerr's Cyc. C. C. for 7 pars, annotation.

115 C. 316, 319, 320, 323, 324, 47 P. 47, 1095, 36 K 505 (con-
strued and applied); 124 C. 321, 327, 330, 71 A. S. 68, 57 P. 76
(construed and applied with other sections); 127 C. 290. 298, 53
P. 911, 59 P. 827, 46 L. 371 (referred to): 151 C. 520, 521, 522,
523, 525, 91 P. 327 (construed — unless one of two steps specified
in this section is taken during thirty days after removal,
validity of mortgage ceases, except as between parties, at

1491



§§ 2966, 2967 CIVIL CODE. [Div.III,Pt.IV.

expiration of thirty days); 152 C. 488, 495, 497. 92 P. 1017 (con-
strued — time limit clause cannot be disregarded — -failure to
record — loss of lien); 4 C. A. 630, 633, 89 P. 360, 361 (validity of
mortgage upon water stock).

As to effect of removal of mortgaged property into anotlier
state, see 70 A. D. 66-72.

As to many miscellaneous matters as to mortgages, see note
§ 2920, 3inte.



§ 2966. MAY BE TAKEN BY MORTGAGEE AS A PLEDGE,

WHEIV. If the mortgager voluntarily removes or permits
the removal of the mortgaged property from the county in
which it was situated at the time it was mortgaged, the mort-
gagee may take possession and dispose of the property as a
pledge for the payment of the debt, though the debt is not
due.

History: Enacted March 21, 1872.

124 C. 321, 327, 330, 71 A. S. 68, 57 P. 76 (construed and applied
with other sections); 4 C. A. 630, 633, 89 P. 360, 361 (validity of
mortgage upon water stock).

As to many miscellaneous matters as to mortgages, see note
§ 2920, ante.



§2967. HOW FORECLOSED. A mortgagee of personal
property, when the debt to secure which the mortgage was
executed becomes due, may foreclose the mortgager's right of
redemption by a sale of the property, made in the manner
and upon the notice prescribed by the title on "pledge," or
by proceedings under the code of civil procedure.

History: Enacted March 21, 1872.

See Kerr's Cyc. C. C. for 13 pars, annotation.

124 C. 321, 327, 330, 71 A. S. 28, 57 P. 76 (construed and applied
with other sections); 4 C. A. 630, 633, 89 P. 360, 361 (validity of
mortgage upon water stock).

As to foreclosure of mortgages, see Kerr's Cyc. C. C. P. §§ 726-
728, note.

As to many miscellaneous matters as to mortgages, see note
§ 2920, ante.

As to rights and remedies of chattel mortgagers where prop-
erty has been wrongfully sold, see 16 A. S. 499-503.

1492



Tit.XlV,ch.II,art.III.] LIMITATION ON LEVY. §§ 2968, 2969

§ 2968. 3I0KTGAGE PKOPERTY MAY BE LEVIED UPON.

Personal property mortgaged may be taken under attachment
or execution issued at the suit of a creditor of the mortgager.

History: Enacted March 21, 1872; amended by Code Com-
I mission, Act March 16, 1901, Stats, and Amdts. 1900-1, p. 417,
held unconstitutional, see history, § 4 ante.

See Kerr's Cyc. C. C. for 16 pars, annotation.

56 C. 217, 218 (construed and applied); 67 C. 57, 59, 7 P. 47
(construed and applied); 71 C. 6.8, 70, 11 P. 847, 848 (referred to);
91 C. 119, 121, 27 P. 601, 602 (construed and applied with other
sections); 111 C. 233, 234, 43 P. 619 (construed and applied):
124 C. 321, 327, 330, 71 A. S. 68, 57 P. 76 (construed and applied
with other sections); 4 C. A. 630, 633, 89 P. 360, 361 (validity of
mortgage upon water stock).

As to many miscellaneous matters as to mortgages, see note
§ 2920, ante.



§ 2969. LIMITATIONS ON RIGHT OF LEVY. Before the
property is so taken, the officer must pay or tender to the
mortgagee the amount of the mortgage debt and interest, or
must deposit the amount thereof with the -county clerk or
treasurer, payable to the order of the mortgagee.

History: Enacted March 21, 1872; amended by Code Com-
mission. Act March 16, 1901, Stats, and Amdts. 1900-1, p. 417,
held unconstitutional, see history, § 4 ante.

See Kerr's Cyc. C. C. for 8 pars, annotation.

56 C. 217, 218 (construed and applied with §2968); 63 C. 550,
551, 552 (construed and applied with other sections); 67 C. 57,
59, 7 P. 47 (construed and applied with §2968); 71 C. 68. 70. 11
P. 847, 848 (construed and applied with other sections); 91 C.
119, 121, 122, 27 P. 601, 602 (construed and applied with other
sections); 111 C. 233, 234, 43 P. 619 (construed and applied witli
§2968); 124 C. 321, 327, 330, 71 A. S. 68, 57 P. 76 (construed and
applied with other sections); 126 C. 288, 289. 290, 58 P. 691 (con-
strued and applied with other sections); 131 C. 552, 556, 82 A. S.
391, 63 P. 844 (referred to); 4 C. A. 630, 633, 89 P. 360, 361
(validity of mortgage upon water stock); 7 C. A. 465, 4fifi. 467.
94 P. 372, 373 (construed and applied with § 2970, where property
secured by chattel mortgage was attached).

As to many miscellaneous matters as to mortgages, see note
§ 2920, ante.

1493



§§ 2970-2972 CIVIL CODE. [Div.III.Pt.IV.

§ 2970. DISTRIBUTION OF PROCEEDS OF SALE UNDER
PROCESS. When the property thus taken is sold under pro-
cess, the officer must apply the proceeds of the sale as fol-
lows:

1. To the repayment of the sum paid to the mortgagee, with
interest from the date of such payment; and,

2. The balance, if any, in like manner as the proceeds of
sales under execution are applied in other cases.

History: Enacted March 21, 1872.

63 C. 550, 552 (construed and applied with §2969); 124 C. 321,
327, 330, 71 A. S. 68, 57 P. 76 (construed and applied with other
sections); 4 C. A. 630, 633, 89 P. 360, 361 (validity of mortgage
upon water stock); 7 C. A. 465, 467, 468, 94 P. 372, 373 (con-
strued and applied with § 2969 — attachment of property secured
by chattel mortgage — rights and remedies of mortgagee).

As to many miscellaneous matters as to mortgages, see note
§ 2920, ante.

§2971. CERTAIN SECTIONS NOT APPLICABLE TO
MORTGAGE OF CERTAIN SHIPS. Sections twenty-nine hun-
dred and fifty-seven, twenty-nine hundred and fifty-nine,
twenty-nine hundred and sixty, twenty-nine hundred and sixty-
one, twenty-nine hundred and sixty-two, twenty-nine hundred
and sixty-three, twenty-nine hundred and sixty-four, twenty-
nine hundred and sixty-five, and twenty-nine hundred and
sixty-six do not apply to any mortgage of a ship or part of a
ship under the flag of the United States.

History: Enacted March 21, 1872.

124 C. 321, 327, 330, 71 A. S. 68, 57 P. 76 (construed and applied
with other sections); 4 C. A. 680, 633, 89 P. 360, 361 (validity of
mortgage upon water stock).

As to many miscellaneous matters as to mortgages, see note
§ 2920, ante.

§2972. CONTINUANCE OF LIEN OF MORTGAGE ON

CROP. The lien of a mortgage on a growing crop continues
on the crop after severance, whether remaining in its original
state or converted into another product, so long as the same
remains on the land of mortgager.

History: Enacted April 1, 1878, Code Amdts. 1877-8, p. 89.

1494



Tit.XIV,ch.II,art.III.] validity of certain. § 2973

See Kerr's Cyc. C. C. for 28 pars, annotation.

59 C. 142 (construed and applied); 63 C. 3, 4 (construed and
applied); 70 C. 196, 197, 11 P. 608 (construed and applied); 77
C. 241, 244, 19 P. 482, 483 (construed and applied); 107 C. 27, 29,
40 P. 22 (construed and applied); 109 C. 197, 201, 41 P. 1008
(referred to in dis. op.); 117 C. 412, 416, 417, 49 P. 414 (construed
and applied); 124 C. 321, 327, 330, 71 A. S. 68, 57 P. 76 (construed
and applied with other sections); 142 C. 529, 544, 76 P. 243, 244
(construed and applied); 3 C. A. 443, 445, 446, 85 P. 662 (lien on
crop ceases upon removal of crop from land on which it grew);
4 C. A. 630, 633, 89 P. 360, 361 (validity of mortgage upon water
stock).

As to continuance of lien after severance- of growing crops,
see 18 A. S. 770; 30 A. S. 324.

As to effect of removal of property to another state on lien,
see 30 A. S. 324.

As to many miscellaneous matters as to mortgages, see note
§ 2920, ante.

As to sufficiency of description of property in chattel mort-
gage, see 14 A. S. 239, and 3 L. 95.

As to title and right of mortgagee after condition broken, see
96 A. S. 682.

As to whether lien on growing crops exists after severance,
see 18 A. S. 770.

§ 2973. MORTGAGES OX PERSONAL PROPERTY, VALID-
ITY OF CERTAIN. Mortgages of personal property, other
than that mentioned in section twenty-nine hundred and fifty-
five, and mortgages not made in conformity with the provi-
sions of this article, are nevertheless valid between the par-
ties, their heirs, legatees, and personal representatives, and
persons who, before parting with value, have actual notice
thereof.

History: Enacted by Code Commission, Act March 16, 1901,
Stats, and Amdts. 1900-1, p. 418, held unconstitutional, see his-
tory, § 4 ante; amendment re-enacted March 21, 1905, Stats, and
Amdts. 1905, p. 617.

124 C. 321, 330, 71 A. S. 68, 57 P. 76 (construed and applied
with other sections of this section as enacted by Code Commis-
sion in 1901, which act is verbatim et literatim that of the re-
enactment of 1905).

As to many miscellaneous matters as to mortgages, see note
§ 2920, ante.



1495



§ 2986 CIVIL CODE. [Div.III,Pt.IV.

CHAPTER III.

PLEDGE.

§ 2986. Pledg-e, what.

§ 2987. When contract is to be deemed a pledge.

§ 2988. Delivery essential to validity of pledge.

§ 2989. Increase of thing.

§ 2990. Lienor may pledge property to extent of his lien.

§ 2991. Real owner cannot defeat pledge of property transferred

to apparent owner for purpose of pledge.

§ 2992. Pledge-lender, what.

§ 2993. Pledge-holder, what.

§ 2994. When pledge-lender may withdraw property pledged.

§ 2995. Obligations of pledge-holder.

§ 2996. Pledge-holder must enforce rights of pledgee.

§ 2997. Obligation of pledgee and pledge-holder, for reward.

§ 2998. Gratuitous pledge-holder.

§ 2999. Debtor's misrepresentation of value of pledge.

§ 3000. When pledgee may sell.

§ 3001. When pledgee must demand performance.

§ 3002. Notice of sale to pledgeor.

§ 3003. Waiver of notice of sale.

§ 3004. Waiver of demand.

§ 3005. Sale must be by auction.

§ 3006. Pledgee's sale of securities.

§ 3007. Sale on the demand of the pledgeor.

§ 3008. Surplus to be paid to pledgeor.

§ 3009. Pledgee may retain.

§ 3010. Pledgee's purchase of property pledged.

§ 3011. Pledgee may foreclose right of redemption.

§ 2986. PLEDGE, IVHAT. Pledge is a deposit of personal
property by way of security for the performance of another
act.

History: Enacted March 21, 1872.

See Kerr's Cyc. C. C. for 32 pars, annotation.

76 C. 171, 172, 18 P. 260 (applied); 113 C. 463, 466, 45 P. 840
(applied); 121 C. 515, 519, 53 P. 1119 (applied); 123 C. 643, 648
(applied but erroneously cited as § 2986 C. C. P.), 56 P. 468, 470
(correct citation); 125 C. 183, 187, 57 P. 897 (applied); 133 C.
191, 195, 65 P. 381 (applied); 144 C. 631, 633, 78 P. 22 (applied);
6 C. A. 88, 91, 91 P. 532 (what agreement is pledge of property
as collateral security).

1496



Tit.XIV.ch.III.] PLEDGES, GENERALLY. §2986

PLEDGES.

As to definition and nature of pledges, see 49 A. D. 730; 6 W.
& P. 5412.

As to extinguishment of lien of pledge by tender or other-
wise, see Kerr's Cyc. C. C. § 3000, note.

As to law of collateral securities, see 32 A. S. 711.

As to pledge as distinguished from chattel mortgage; con-
sideration redemption, see 4 L. 305.

As to pledge of stock, see 12 L. 781.

As to right of surety to control pledge, see 21 L. 131.

As to validity of pledge by agent of principal's property, see
14 L. 235.

As to waiver of pledge by attachment or execution, see 50 L.
719.

Assignment of pledged property. — See 3 A. C. 723.

By agent, of principal's property. — See 14 L. 234.

Care required of pledgees. — See 83 A. S. 392.

Collateral securities — Diligence required of one who hold.s
negotiable papers as. — See 34 A. D. 451.

Same — Rights and remedies of parties thereto. — Sef 32 A. S.
711.

Same — The law of. — See 32 A. S. 711.

Consideration for. — See 4 L. 305.

Defintion and nature of. — See 49 A. D. 730; 6 W. & P. 5412.

Delivery, necessity of and possession. — See 4 L. 306.

Distinguished from chattel mortgage. — See 4 L. 305.

Dividends, right of pledgee of stock to collect. — See 7 A. C.
725.

Does assignee or mortgage as collateral security, who fore-
closes the same and purchases the property, hold the title sub-
ject to a trust in favor of the assignor. — See 7 L. N. S. 1094.

Duties and liabilities of pledgee — As to, generally, see fi A. C.
106; 7 A. C. 394; 7 A. C. 690.

Same — Liability of pledgee for loss due to depreciation in
value of valuation after maturity of debt. — See 7 A. C. 395.

Same — Of stock to soli at maturity of debt. — See 3 L. N. S.
1199.

Effect — Of payment on security held as collateral to st.iy
running of statute against principal obligation. — See 12 L. N. S.
1032.

Same — Of taking ri>llateral security upon maritime lien. —
See 70 L. 408.

Same — Of unautiiorized sale or disposal of pledge by pl< <lgee
to dispense with tender as a condition to trover against him. —
See 6 L. N. S. 298.

Garnishment of claim to surplus on pledge. — See 59 L. 368.

How far pledge effectual of which the pledgeor's agent Is
made depository. — See 25 L. 577.

1497



§ 2986 CIVIL CODE. [Div.III,Pt.IV.

Interpleader between pledgeor and pledgee. — See 10 L. N. S.
757.

Issuance and delivery by warehouseman of receipt for his
own property as a constructive transfer of possession essen-
tial to valid pledge. — See 19 L. N. S. 227.

Liability as stockholder of pledgee of stock. — See 10 A. C.
770, 783.

Liability of pledgee — For loss due to depreciation in value
of pledge after maturity of debt. — See 7 A. C. 395.

Same — Of stock as a shareholder. — See 19 L. N. S. 249.

Measure of damages for conversion by pledgee. — See 43 L.
768.

Of corporate stock^ — As to, generally, see 12 L. 781; 13 L. 139;
43 L. 439-472; 45 L. 394; 67 L. 656.

Same — Dividends, right to on pledged stock. — See 12 L. 783;
45 L. 394.

Same — Implied authority to sell. — See 43 L. 742.

Same — Right to dividends on. — See 12 L. 783; 45 L. 394.

Same — Sale of, when amounts to conversion. — See 43 L. 739.

Pledgee's conversion of pledged property by invalid sale.—
See 43 L. 737-771.

Pledgeor or pledgee as real party in interest by whom ac-
tion must be brought. — See 64 L. 617.

Recourse against pledge after bar of principal obligation. —
See 2 A. C. 271.

Redemption of pledged property. — See 4 L. 306.

Remedies of pledgees. — See 79 A. S. 136.

Right of surety to control of thing pledged. — See 12 L. 131.

Right to have trust property wrongfully pledged by a trus-
tee for his individual benefit redeemed by money belonging
to his insolvent estate. — See 6 L. N. S. 487.

Rights and duties of pledgee — As to, generally, see 4 L. 587;
17 L. 193; 44 L. 243; 68 L. 482.

Same — In respect to sale of collateral bonds or commercial
paper. — See 53 L. 857.

Rights and powers of pledgee. — See 2 A. C. 269; 3 A. C.
723, 725.

Rights of pledgee — In respect to sale of collateral bonds or
commercial paper. — See 53 L. 857.

Same — Of corporate stock to maintain action to preserve
corporate assets. — See 12 A. C. 620.

Same — Of stock to collect dividends. — See 3 A. C. 725.

Sale of pledged property — As to, generally, see 4 A. C. 1163,
7 A. C. 690.

Same — Recourse against pledge after bar of principal obliga-
tion.— See 2 A. C. 271.

Same — ^Validity of private sale of pledged property by pledgee.
— See 4 A. C. 1166.

1498



TitXIV.ch.IIL] DELIVERY ESSENTIAL. §§ 2987, 2988

Stock, corporate, right of pledgee of to maintain action to
preserve corporate assets.— See 12 A. C. 620.

Tender, unaccepted, effect of. — See 33 L. 237.

Transactions constituting- a pledge. — See 6 A. C. 106.

Validity — Of assignment of life policy as collateral security
to one paying the premiums. — See 3 L. N. S. 951.

Same — -Of pledge without delivery as against pledgeor or
person claiming through him. — See 11 A. C. 793.

Same — Of private sale of pledged property by pledgee. — See



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