Page:Federal Reporter, 1st Series, Volume 6.djvu/588

 576 FEDBBAIi BSPOBTEB. �and we now hold that he can pledge them no further. If, then, such be his legal rlght, a sait cannot be maintaiued on any recognized principle, either against the factor or his pledgee, for the conversion of said goodsj uniess, after tender and demand, a refusai is made. �Prior to the Missouri Statutes, the United States supreme court deciared, in Warner v. Martin, gupra, that whilst a factor could not pledge for a debt of his owa, and if so pledged the consignor could recover in trover against the pledgee without tender either to the pledgee or factor what might be due to either of them, because the pledge was tortious; still a factor -who had a lien on the goods could deliver them to a third person as security to the estent of his lien, in which case a tender of the amount of the lien due the factor must be made before reoovery could be bad. The opinion of the United States supreme court in that case throws much light on tbis controversy ; for, if the contention is that under the Missouri Statutes a factor may pledge his prineipars goods on the faith of a warehouse receipt, irre- spective of the amount of his advances and charges, — that is, for any amount he can borrow on the faith of a warehouse receipt, — it becomes important to ascertain if sucb a doctrine, subversive of the ordinary rights of principal and agent, or consignor and consignee, bas any sanction either in statute or otherwise. �In Warner v. Martin, supra, a similar view seems to have been urged, and reliance was had on the act of Geo. IV., c. 94, (1825,) the Englisb factor's act. The United States supreme' court, having before it botb the English and the New York acts, said: "The third section of that (the New York) act provides for those cases where the ownership by the factor of goods tyhich he contraots to sell shall be said to exist, to give protection to purchasers against any claim of the factor's principal. [Tbis is a contract of sale.] It ia wben he contracta for any money advanced, or for any ne- gotiable instrument or other obligations in writing given for merchandise upon the faith that the factor is the owner of it. The concluding words of the section are, 'given by snoh other ��� �