Page:United States Statutes at Large Volume 47 Part 1.djvu/1329

 72d C ONGRESS. SESS. II. CH. 128. FEBRUARY 27, 1933 . CRo ss REFERENCE Gratuitous pledge holder, see sections 722 and 723. Cuoss R EFERENCE Right of redemption, see section 1326. 1305 Ante, p. 1229. SEC. 1380 . DEBTOR'S MISREPRESENTATION OF VALUE OF PLE DGE .- Debtor's misrepre- sentation of value. Where a debtor has obtained credit, or an extension of time, by a fraudulent misrepresentation of the value of property pledged by or for him, the creditor may demand a further pledge to correspond with the value represented ; and in default thereof may recover his debt immediately, though it be not ac tually due. SEC. 1381. WHEN PLEDGEE MAY sELL .-When p erforma nce of the "g "ay" act for which a pledge is given is due, in whole or in part, the pledgee may collect what is due to him by a sale of property pledged, subject to the rules and exceptions hereinafter prescribed . CRoss REFERE CE Foreclosure of right of redemption, see section 1392 . SEC. 1382 . SALE OF PLEDGED PROPERTY .-Before property pledged can be sold, and after performance of the act for which it is security is due, the pledgee must demand perfo rmanc e ther eof f rom t he debtor, if the debtor can be found . Post, p . 1306. Sale . CRo ss REFERENCE Waiver of demand of performance before sale, see section 1385 . SEC. 1383 . NOTICE OF SALE TO PLEDGOR .-A pledgee must give actual Notice of. notice to the pledgor of the time and place at which the property pledged will be sold, at such a reasonable time before the sale as will enable the pledgor to attend . SEC. 1384. WAIVER of NOT ICE of SALE.-Notice of s ale may be waiver of. waived by a pledgor at any time ; but is not waived by a mere waiver of dema nd of WAI VER performance. e. SEC. 1385. OF DEMAND.-A debtor or pledgor waives a waiver of dem and. demand of performance as a condition precedent to a sale of the property pledged, by a positive refusal to perform, after perform- ance is due ; but can not waive it in any other manner except by contract. SEC. 1386. SALE OF PLEDGED PROPERTY, MANNER OF .-The sale by ti onale by publi c q uo- pledgee, of property pledged ; must be made by public auction, in the manner and upon the notice of sale of personal property under execution. S EC. 138 7. PLEDGEE'5 SALE OF SECURITIES .-A ple dgee can not sell cu rriit isa . sa le of se any evidence of debt pledged to him, except the obligations of governments, States, or corporations ; but he may collect the same when due. Ante, p. 1298. SEC. 1388 . SALE ON THE DEMAND OF THE PLEDGOR .-Whenever prop- d gor on deman d of erty pled ged can be sold for a price su fficient t o satisfy the claim of the pledgee, the pledgor may require it to be sold, and its proceeds to be app lied to su ch satisfa ction, whe n due. Cuoss REFERENCE Retaining proceeds, see section 1390 . Post, p. 1306. SEC. 1389 . SURPLUS TO BE PAID TO PLEDGOR .-After a pledgee has pledgorus to be paid lawfully sold property pledged, or otherwise collected its proceeds, he may deduct therefrom the amount due under the principal obli-