Baldwin v. Bradley

Citations

• 69 Ill. 32

Syllabus

<p>1. Pledge—a security for whole debt and every part of it. In all cases a pledge is understood to be a security for the whole and for every part of the debt or engagement, unless it is otherwise stipulated between the parties. If several things are pledged, each is deemed liable for the whole debt or other engagement, and the pledgee may proceed to sell them, from time to time, until the debt or other claim is completely discharged. If anything perishes by accident or casualty, without his fault, he has a right over the residue for his whole debt or other duty.</p> <p>3. Same—extending lien to a prior or subsequent debt. The mere existence of a former debt due the pledgee does not authorize him to detain the pledge for that debt when it has been put in his hands for another debt, unless there is some just presumption that such was the intention of the parties. The same rule applies to a subsequent debt or loan contracted by the pledger, for in such case the new debt or loan will not attach to the pledge, unless the circumstances create a presumption that the new debt or loan was made upon the credit of the pledge, and was so understood by the parties.</p> <p>3. Where a party pledged a lot of whisky for the re-payment of a sum of money borrowed, with interest, storage, etc., and a few weeks after pledged another lot for a similar loan, and there was no proof that either pledge was dependent on the other, or that when the first pledge was made a future loan was anticipated, or that when the second one was made the first was alluded to: Held, that each pledge was a security for the loan made at the time, and not both for the first loan.</p> <p>4. Same—measure of damages for a conversion of. Where property pledged is taken and converted by a mere wrongdoer, having no interest or claim in the same, the pledgee will be entitled to recover in trover to the extent of the full value of the property so converted. But where the conversion is by an.officer acting under a lega