ON THE

LA W OF PLEDGES

INCLUDING

COLLATERAL SECURITIES

BY

LEONARD A. JONES

AUTHOR OF LEgal treatises AND JUDGE OF THE COURT OF LAND REGISTRATION

OF MASSACHUSETTS

SECOND EDITION, Revised

INDIANAPOLIS AND KANSAS CITY

THE BOWEN-MERRILL COMPANY

1901

To

JOSEPH WILLARD, ESQUIRE

LEARNED COUNSELOR OF THE BOSTON BAR

AS A MARK OF ESTEEM

AND TOKEN OF FRIENDSHIP FOR A HARVARD CLASSMATE

THIS WORK IS DEDICATED

BY THE AUTHOR

PREFACE TO THE SECOND EDITION

SINCE the publication of the original edition of this work, numerous and important decisions have been made in the subject of Pledges, and to incorporate these and the statutory changes in the work is the author's purpose in the present edition. Additions to the text and notes of almost every section have been made and new sections to the number of 130 have been added. The present edition contains about 275 pages more than the former; and the new cases cited number about 1300. The section numbers of the original work have been retained in order to facilitate the finding of references to the text made in the reports.

The contract of pledge is a very simple one, and it may be entered into without any formality. Pledge transactions are very numerous, and as compared with mortgage transactions the latter are few. Litigation occurs for the most part only when others besides the principal parties acquire rights in the subject of the pledge; and when such rights enter into the transaction, very difficult and complex questions of law frequently arise. The decisions of such questions have been given with the fullness of statement which the difficulty and importance of the questions seemed to demand. Such questions arise most frequently in Pledges of Negotiable Paper and of Corporate Stocks; and accordingly the chapters relating to these subjects together fill about 80 pages more than they did in the former edition.