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In addition to the usual references to the official reports, references have been made to the Reporters of the National Reporter System, and to the American Decisions, American Reports and American State Reports, for cases also found in these reports; thus to recent decisions giving references to two or three reports of the same case.

BOSTON, April 1, 1901.

L. A. J.


THE present work is not upon a new subject; but it treats, for the most part, of new phases of an old subject. The general principles of the Law of Pledges, first systematically stated very briefly by Lord Chief Justice Holt, and afterwards restated more fully by Sir William Jones, have in recent times been more elaborately expounded in the treatises of Judge Story and Mr. Schouler: but all these writers have treated the subject only as one topic of the general branch of the law, known as Bailments. Moreover, these principles were formulated with reference to Pledges of tangible personal chattels; and to such transactions they were applied exclusively, until, in recent times, the business of the commercial world came to be conducted largely by the use of paper representatives of credits and values, and paper symbols of property.


the last half century the Law of Pledges has assumed

importance from its adaptation to such transactions as loans upon negotiable paper, upon shares and bonds of corpo


upon bills of lading of railroad companies and other common carriers, and upon warehouse receipts. But even so recent a writer as Judge Story found it possible to dismiss in three lines the matter of pledges of corporate stocks.

The present work has been written chiefly with the view of stating and discussing the Law of Pledges in its application to incorporeal personalty. To pledges of such property the term "Collateral Securities" has in recent years been quite gener

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ally applied, both by business men and by lawyers. The giving and taking of such securities by bankers, brokers, and merchants, is now an important element in the business transactions of every day in all the centers of trade and commerce. Accordingly the several topics, of Pledges of Negotiable Paper, of Non-negotiable Choses in Action, of Corporate Stocks, of Bills of Lading, and of Warehouse Receipts, have been treated separately, and with such fullness of statement and illustration as the importance of these topics seems to demand. Thus, two chapters, having together nearly a hundred pages, are devoted to the consideration of Pledges of Negotiable Paper; and three chapters, with about a hundred and fifty pages, are devoted to the consideration of Pledges of Corporate Stocks.

While I have taken much pains to collect the decisions upon the subjects treated of, and have sought for them under numerous titles in the digests and reports, I can not hope to have gathered everything of value. I can only hope that I have not made serious omissions.

BOSTON, October 1, 1883.

L. A. J.

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