Hyatt v. Argenti

Citations

• 3 Cal. 151

Syllabus

<p>A party depositing'gecurities for securing the payment of a debt, or advancements made thereon, may agree that they shall be sold, at the option or pleasure of the creditor.</p> <p>And where the plaintiff drew several drafts upon the defendant, who held the deposit, directing him to pay them “ from the proceeds of the securities in his hands,” this was held to give an authority to the plaintiff to sell the securities deposited to meet the drafts.</p> <p>An order to pay “ when in funds, from the proceeds,” makes the deduction conclusive, that other sales had yet to be made by the defendant.</p> <p>A sale made under such authority, is good without notice to the plaintiff of the time and place of sale, or previous demand of payment.</p> <p>Personal property may be pledged, mortgaged, hypothecated, or placed in trust,, upon such terms and conditions as the parties may agree upon, and courts of law will be governed by the language of the contract in each particular case.</p> <p>When such contract is absolute upon its face, the party asserting a condition or limitation, must show it.</p>