Page:United States Statutes at Large Volume 76A.djvu/327

–231– -231in the mortgaged property the certificate provided for in this section he shall forfeit to the person requesting the certificate the sum of $5 and be liable for all damages suffered by reason of the refusal. Upon presentation of the certificate of payment or satisfaction to the registrar of property, he shall file it and note the discharge of the mortgage and the date thereon on the margin of the page where the mortgage has been entered. For filing and entering the certificate of payment or satisfaction, the registrar shall be entitled to a fee of 50 cents. CHAPTER 101—PLEDGE Sec 4201. 4202. 4203. 4204. 4205. 4206. 4207. 4208. 4209. 4210. 4211. 4212. 4213. 4214. 4215. 4216. 4217. 4218. 4219. 4220. 4221. 4222. 4223. 4224. 4225. 4226.

Definition Certain contracts as pledges. Delivery of property as essential. Increase. Extent of lienor's pledge. Pletlgee's rights as against real owner. Rights of owner pledging to secure obligation of another person. Deposit of pledged property with third person as pledge holder. Withdrawal of pledged property by pledge lender. Obligations of pledge holder. Enforcement of pledgee's rights by pledge holder. Obligation of pledgee and pledge holder for reward. Gratuitous pledge holder. Debtor's misrepresentation of value of pledge. When pledgee may sell. Demand for performance as condition precedent to sale. Notice of sale to pledgor. Waiver of notice of sale. Waiver of demand for performance. Manner of sale. Pledgee's sale of securities; collection. Sale on demand of pledgor. Payment of surplus to pletlgor after sale. Retention, by pledgee, of all that can become due. Purchase of property by pledgee or pledge holder. Foreclosure, by judicial sale, of right of redemption.

§ 4201. Definition Pledge is a deposit of personal property by way of security for the performance of another act. § 4202. Certain contracts as pledges Every contract by which the possession of personal property is transferred, as security only, is to be deemed a pledge. § 4203. Delivery of property as essential The lien of a pledge is dependent on possession, and a pledge is not valid until the property pledged is delivered to the pledgee, or to a pledge holder, as hereinafter prescribed. § 4204. Increase The increase of property pledged is pledged with the property. § 4205. Extent of lienor's pledge One who has a lien upon property may pledge it to the extent of his lien. § 4206. Pledgee's rights as against real owner One who has allowed another to assume the apparent ownership of property for the purpose of making any transfer of it, may not set up his own title, to defeat a pledge of the property, made by the other, to a pledgee who received the property in good faith, in the ordinary course of business, and for value.

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