Merchants' Banking & Storage Co. v. Ryder

Citations

• 35 Ohio C.C. Dec. 219
• 25 Ohio C.C. (n.s.) 158
• 1900 Ohio Misc. LEXIS 171

Syllabus

<p>PLEDGES</p> <p>1. Duty of Pledgee to Obtain Highest Price for Pledged Articles at Private Sale.</p> <p>When the pledgee of personal property sells the pledged articles at private sale, he acts as agent of the pledgor in making the sale, and it is his duty to exhibit the articles in such a manner as to attract buyers and use all other reasonable methods of obtaining as nearly as possible what the articles are reasonably worth.</p> <p>2. Private Sale of Pledge at Price Greatly below Value Imputing Negligence.</p> <p>When the pledgee of personal property sells it at private sale for a sum much less than the actual value of the property, the discrepancy in price may he so great as to establish want of care and neglect of duty on his part and make him liable in damages for the difference between the selling price and the actual value.</p>