1304 Compare section 1372 . Post, p.1333.
Lienor's action for damages, see section 1618 . Real owner can not defeat pledge of prop- SEC. 1372. REAL OWNER CAN NOT DEFEAT PLEDGE OF PROPERTY TRANS- erty tran sfer red to BP- FERRED TO APPARENT OWNER FOR THE PURPOSE OF PLEDGE.-One who has parent owner. allo wed an other to as sume the ap paren t owne rship of pr opert y for the purpose of making any transfer of it, can 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 . Pledge lender . SEC . 1373 . PLEDGE LENDER, WHAT .-Property may be pledged as security for the obligation of another person than the owner, and in so doing the owner has all the rights op a pledgor for himself, except as hereinafter stated . Pledge holder . SEC. 1374 . PLEDGE HO LDER, WHAT .-A pledgor and pledgee may agree upon a third person with whom to deposit the property pledged, who,,~ WHEN he accepts the deposit, is called a pledge holder . When pledge lender SEC. 1375. YY HEN PLEDGE LENDER MAY WITHDRAW PROPERTY PLEDGED .- may withdraw prop- erty .
One who pledges property as security for the obligation of another can not withdraw the property pledged otherwise than as a pledgor for himself might, and if he receives from the debtor a consideration for the pledge he can not withdraw it without his consent . Obligations of p led ge SEC . 1376 . OBLIGATIONS OF PLEDGE HOLDER .-A pledge holder for holder' reward can not exonerate himself from his undertaking ; and a grat uito us pl edge hold er ca n do so o n l y b y giving reasonable notice to the pledgor and pledgee to appoint a new pledge holder, and in case of their failure to agree, by depositing the property pledged with some impartial person, who will then be entitled to a reason- able compensation for his care of th e same . Pledge holder must SEC . 1377 . PLEDGE HOLDER MUST ENFORCE RIGHTS OF PLEDGES.-A enfor cengh tsofp ledge e . Obligation of pledgees, etc ., for re- 11 72d C ONGRESS . SESS . II. CH. 128 . FEB RUA RY 27, 1933 . CROSS REFEEENCE Increase of property pledged, see section 1370. When contr act SEC . 1368. WHEN CONTRACT IS TO BE DEEMED A PLEDGE .-Every con- deeme d a pledg e .
tract by which the possession of personal property is transferred, as security only, is to be deemed a pledge . Delivery essential . SEC . 1369. DELIVERY ESSENTIAL TO VALIDITY OF PLEDGE .-The lien of a pledge is dependent on possession, and no pledge is valid until the property pledged is delivered to the pledgee, or to a pledge holder, as hereinafter prescribed . Increase of property . SEC. 1370 . INCREASE OF THING.-The increase of property pledged is pledged with the propert y . Lienor may ple dge SEC. 1371. LIENOR MAY PLEDGE PROPERTY TO EXTENT OF HIS LIEN .- property to extent of lien .
One who has a lien upon property may pledge it to the extent of his lien . Cro ss REFERENCES pledge holder must enforce all the rights of the pledgee, unless authorized by him to waive them . SEC . 1378 . OBLIGATION OF PLEDGEE AND PLEDGE HOLDER, FOR REWARD .-A pledgee, ora pledge holder for reward, assumes the duties and liabilities of a depositary for reward . CROSS REFERENCE Ante, p . 1229 .
Depositary for reward, see section 725 . Gr atuitou s pledg e bolder.
SEC. 1379 . GRATUITOUS PLEDGE HOLDER .-A gratuitous pledge holder assu mes the duti es a nd l iabil itie s of a gratuitous depositary .
