Page:United States Statutes at Large Volume 76A.djvu/329

–233– -233§ 4219. Waiver of demand for performance A debtor or pledgor waives a demand for performance as a condition precedent to a sale of the property pledged, by a positive refusal to perform, after performance is due; but may not waive it in any other manner except by contract. § 4220. Manner of sale The sale by pledgee, of property pledged, must be made by public auction, in the manner and upon the notice of sale of personal property under execution. § 4221. Pledgee's sale of securities; collection A pledgee may not sell evidences of debt pledged to him, except the obligations of governments, States, or corporations; but he may collect them wiien due. § 4222. Sale on demand of pledgor Whenever property pledged can be sold for a price sufficient to satisfy the claim of the pledgee, the pledgor may require it to be sold, and its proceeds to be applied to the satisfaction, when due. § 4223. Payment of surplus to pledgor after sale After a pledgee has lawfully sold property pledged, or otherwise collected its proceeds, he may deduct therefrom the amount due under the principal obligation, and the necessary expenses of sale and collection, and shall pay the surplus to the pledgor, on demand. § 4224. Retention, by pledgee, of all that can become due When property pledged is sold by order of the pledgor before the claim of the pledgee is due, the latter may retain out of the proceeds all that can possibly become due under his claim until it becomes due. § 4225. Purchase of property by pledgee or pledge holder Whenever property pledged is sold at public auction, in the manner provided by section 42'-M of this title, the pledgee or pledge holder may purchase the property at the sale. § 4226. Foreclosure, by judicial sale, of right of redemption Instead of selling property pledged, as hereinbefore provided, a pledgee may foreclose the right of redemption by a judicial sale, under the direction of a competent court; and in that case may be authorized by the court to purchase at the sale. CHAPTER 103—OTHER LIENS Sec.

4261. Liens on personal property for services thereon. (a) Generally. (b) Livery and feed-stable, etc., proprietors. (c) Foundry proprietors. (d) Laundry and dry cleaning proprietors. (e) Veterinary proprietors and surgeons. (f) Garage keepers. 4262. Limitation on amount of lien unless notice given. 4263. Sale of property by Hen holder; Notice; proceeds. 4264. Factor's lien. 4265. Banker's lien. 4266. Officer's lien.

§ 4261. Liens on personal property for services thereon (a) Generally. Whoever, while lawfully in possession of an article of personal property, renders any service to the owner thereof, by labor or skill, employed for the protection, improvement, safekeeping, or carriage thereof, has a special lien thereon, dependent on possession, for the

�