(r) See Averill v. Irish, 1 Gray, 254; Stief v. Hart, 1 Comst. 20.

(s) Jarris v. Rogers, 16 Mass. 880; Bushforth v. Hadfield, 7 East, 224; Walker v. Birch, 6 T. R. 268; Robinson v. Frost, 14 Barb. 536.

(t) Tucker v. Wilson, 1 P. Wms. 261; s. c. 1 Bro. P. C. 494; Lockwood v. Ewer, 9 Mod. 276; s. c. 2 Atk. 903; Hart v.

Ten Eyck.2 Johns. Ch. 100; Stearns v. Marsh, 4 Denio, 227; Castello v. Bank of Albany, 1 N. Y. Leg. Obs. 25; De Lisle v. Priestman, 1 P. A. Browne, 176; Luckett v. Townsend, 3 Tex. 110. In this last case it was decided that a stipulation in a contract of pledging, that if the pledge be not redeemed within a specified time, the right of property shall be absolute in the pawnee, can have no effect, and is absolutely inoperative. And see Milliken v. Dehon, 10 Bosw. 826.

(u) Id. But in a late case in England, the right of a pledgee to sell upon non-payment is denied. Micklewaite v. Winter, 10 Law Times, 61. This case seems opposed by the general tendency of the American cases. See, on this subject, Brass v. Worth, 40 Barb. 648.

(v) 1 Story, Eq. §§ 808-828.

1 That the pledgee of a note may sell it, see Potter v. Thompson, 10 R. I. 1; Dono-hoe v. Gamble, 38 Cal. 340.

and he should take all proper and customary precautions, in the time and manner of sale, of notice or advertisement, and the like, to protect effectually the pledgor's interest and property. Nor should he sell at private sale, (vv) unless the terms of the pledge authorize this, (vw) nor more than enough to pay his debt, if the pledge consist of separable parts; and if the proceeds do not pay his debt, he may sue for the surplus.

Where a pledgor pledges for himself, or as agent or factor, by the act of pledging, it has been held, that he impliedly warrants *that he or his principal is the owner of the property pledged; and he will be liable to the pledgee for damages incurred by reason of defective title. (w)

One who voluntarily made a pledge to secure an illegal demand (illegal because the contract was made on Sunday), was not permitted to reclaim the pledge without paying the demand. (ww)

At common law, there cannot be a pledge of that which does not exist, or is not then the property of the pledgor. (wx) And if one who has acquired stock by fraud, pledges it for a preexistent debt, the pledgee acquires no better title than the pledgor had. (wy)

This bailment is terminated either by payment and satisfaction of the debt by acts of the party, or operation of law, or by its merger and discharge by the taking of such higher security as operates as a release of the simple debt for which the pledge was given.