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2964. A certified copy of a mortgage of personal property once recorded may be recorded in any other county, and when so recorded the record thereof has the same force and effect as though it was of the original mortgage.

2965. When personal property mortgaged is thereafter removed from the county in which it is situated, the lien of the mortgage shall not be affected thereby for thirty days after such removal; but, after the expiration of such thirty days, the property mortgaged, save in the cas

ock. vehicles (other than motor vehicles and other migratory chattels, is exempted from the operation of the mortgage, except as between the parties thereto, until either:

1. The mortgagee causes the mortgage to be recorded in the county to which the property has been removed; or

2. The mortgagee takes possesion of the property as prescribed in the next section.

If a mortgage of livestock, vehicles (other than motor vehicles) or other migratory chattels has been recorded as provided in section two thousand nine hundred fifty-nine and within thirty days thereafter a certificate of such record has been filed by the county recorder with the secretary of state as required by sections four hun. dred eight and four thousand one hundred thirty of the Political Code the property mortgaged may be removed into any county in the state without in any way affecting the lien of the mortgage. 1923,

2966. If the mortgagor voluntarily removes or permits the removal of the mortgaged property, Save in the case of live stock, vehicles (other than motor vehicles) and other migratory chattels, from the cour

whic was situated at the time it was mortgaged, the mortgagee may take possession and dispose of the property as a pledge for the payment of the debt, though the debt is not due. 1923.

2967. A mortgagee of personal property, when the debt to secure which the mortgage was executed becomes due, may foreclose the mortgagor's right of redemption by a sale of the property, made in the manner and upon the notice prescribed by the title on "pledge,” or by proceedings under the Code of Civil Procedure.

2968. Personal property mortgaged may be taken under attachment or execution issued at the suit of a creditor of the mortgagor.

2969. Before the property is so taken, the officer must pay or tender to the mortgagee the amount of the mortgage debt and interest, or must deposit the amount thereof with the county clerk or treasurer, payable to the order of the mortgagee; provided, however, that when an attachment or execution creditor presents to the officer a verified statement that the mortgage is void or invalid for reasons therein specified and delivers to the officer a good and sufficient indemnity bond in double the amount of the mortgage debt or double the value of the mortgaged property, as the officer may determine and require, the officer shall take the property, and, in the case of an execution, sell it in the manner provided by law. The bond shall be made to both the officer and the mortgagee and shall indemnify them and each of them for the taking of the property against loss, liability, damages, costs and counsel fees. Exceptions to the sufficiency of the sureties and their justification may be had and taken in the same manner as upon an undertaking on attachment. 1921–84.

2970. When the property is taken after payment or tender of deposit as provided for in section two thousand nine hundred sixty

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nine, and is sold under process the officer must apply the proceeds of the sale as follows:

1. To the repayment of the sum paid to the mortgagee, with interest from the date of such payment; and

2. The balance, if any, in like manner as the process of sales under execution are applied in other cases. When the property is taken

aken after pres verified statement and bond mentioned in the proviso in section two thousand nine hundred sixty-nine and is sold under process the officer must apply the proceeds of the sale as follows:

1. To the satisfaction of the amount specified in the process including interest and costs; and

2. The balance, if any, in like manner as the proceeds of sales under execution are applied in other cases. 1921–84.

2971. Sections two thousand nine hundred and fifty-seven, two thousand nine hundred and fifty-nine, two thousand nine hundred and sixty, two thousand nine hundred and sixty one, two thousand nine hundred and sixty-two, two thousand nine hundred and sixtythree, two thousand nine hundred and sixty-four, two thousand nine hundred and sixty-five, and two thousand nine hundred and sixty-six do not apply to any mortgage of a ship or part of a ship under the flag of the United States.

2972. The lien of a mortgage on a growing crop continues on the crop after severance, whether remaining in its original state or converted into another product, so long as the same remains on the land of mortgagor. 1877—89.

2973. Mortgages of personal property of

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that menti

+ mentioned in section twenty-nine hundred and fifty-five, and mortgages not made in conformity with the provisions of this article, are nevertheless valid between the parties, their heirs, legatees, and personal representatives, and persons who, before parting with value, have actual notice thereof. 1905—617.

CHAPTER III.

Pledge. Section

Section 2986. Pledge, what.

3000. When pledgee may sell. 2987. Contract deemed a pledge. 3001. Sale. 2988. Delivery essential.

3002. Notice of sale. 2989. Increase.

3003. Waiver of notice. 2990. Lienor may pledge.

3004. Waiver of demand. 2991. Pledge by pledgee.

3005. Manner of sale.. 2992. Pledge-lender, what.

3006. Security, sale of. 2993. Pledge-holder, what.

3007. Pledgor demands sale. 2994. Pledge-lender demanding 3008. Surplus paid pledgor. return.

3009. Pledgee may retain all be2995. Obligation pledge-holder.

come due. 2996. Pledgee's rights.

3010. Pledgee's purchase of prop2997. Concurred obligations

erty pledged. pledgee and holder.

3011. Who may foreclose, right 2998. Gratuitous pledge-holder.

of redemption. 2999. Misrepresenting value.

2986. Pledge is a deposit of personal property by way of security for the performance of another act.

2987. Every contract by which the possession of personal property is transferred, as security only, is to be deemed a pledge.

2988. The lien of a pledge is dependent on possession, and no pledge is valid until the property pledged is delivered to the pledgee, or to a pledge-holder, as hereafter prescribed.

2989. The increase of property pledged is pledged with the property.

2990. One who has a lien upon property may pledge it to the extent of his lien.

2991. One who has allowed another to assume the apparent ownership of property for the purpose of making any transfer of it, cannot set up his own title, to defeat a pledge of the property, made by the other, to a pledgee who received the property in good faith, in the ordinary course of business, and for value.

2992. Property may be pledged as security for the obligation of another person than the owner, and in so doing the owner has all the rights of a pledgor for himself, except as hereinafter stated.

2993. A pledgor and pledgee may agree upon a third person with whom to deposit the property pledged, who, if he accepts the deposit, is called a pledge-holder.

2994. One who pledges property as security for the obligation of another, cannot withdraw the property pledged otherwise than as a pledgor for himself might, and if he receives from the debtor a consideration for the pledge he cannot withdraw it without his consent.

2995. A pledge-holder for reward cannot exonerate himself from his undertaking; and a gratuitous pledge-holder can do so only by giving reasonable notice to the pledgor and pledgee to appoint a new pledge-holder, and in case of their failure to agree, by depositing the property pledged with some impartial person, who will then be entitled to a reasonable compensation for his care of the same.

2996. A pledge-holder must enforce all the rights of the pledgee, unless authorized by him to waive them. - 2997. A pledgee, or a pledge-holder for reward, assumes the duties and liabilities of a depositary for reward.

2998. A gratuitous pledge-holder assumes the duties and liabilities of a gratuitous depositary.

2999. Where a debtor has obtained credit, or an extension of time, by a fraudulent misrepresentation of the value of by or for him, the creditor may demand a further pledge to correspond with the value represented; and in default thereof may recover his debt immediately, though it be not actually due.

3000. When performance of the act for which a pledge is given is due, in whole or in part, the pledgee may collect what is due to him by a sale of property pledged, subject to the rules and exceptions hereinafter prescribed.

3001. Before property pledged can be sold, and after performance of the act for which it is security is due, the pledgee must deman

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oed

performance thereof from the debtor, if the debtor can be found. 1873–262.

3002. A pledgee must give actual notice to the pledgor of the time and place at which the property pledged will be sold, at such a reasonable time before the sale as will enable the pledgor to attend.

3003. Notice of sale may be waived by a pledgor at any time; but is not waived by a mere waiver of demand of performance.

3004. A debtor or pledgor waives a demand of performance as a condition precedent to a sale of the property pledged, by a positive refusal to perform, after performance is due; but cannot waive it in any other manner except by contract.

3005. The sale by pledgee, of property pledged, must be made by public auction, in the manner and upon the notice of sale of personal property under execution. 1909—972.

3006. A pledgee cannot sell any evidence of debt pledged to him, except the obligations of governments, states, or corporations; but he may collect the same when due.

3007. Whenever property pledged can be sold for a price sufficient to satisfy the claim of the pledgee, the pledgor may require it to be sold, and its proceeds to be applied to such satisfaction, when due,

3008. After a pledgee has lawfully sold property pledged, or otherwise collected its proceeds, he may deduct therefrom the amount due under the principal obligation, and the necessary expenses of sale and collection, and must pay the surplus to the pledgor, on demand.

3009. When property pledged is sold by order of the pledgor before the claim of the pledgee is due, the latter may retain out of the proceeds all that can possibly become due under his claim until it becomes due. 1873–262.

3010. Whenever property pledged is sold at public auction, in the manner provided bv section three thousand and five of this code, the pledgee or pledge-holder may purchase said property at such sale. 1895—26.

3011. Instead of selling property pledged, as hereinbefore provided, a pledgee may foreclose the right of redemption by a judicial sale, under the direction of a competent court; and in that case may be authorized by the court to purchase at the sale.

CHAPTER IV.

Bottomry. Section

Section 3017. Bottomry, what.

3024. Stipulation for personal lia. 3018. May hypothecate ship.

bility void. 3019. Master may hypothecate, 3025. When to be repaid. when.

3026. Bottomry loan becomes due. 3020. Same.

3027. Lien, how lost. 3021. Freight money loan.

3028. Preference over other liens. 3022. Rate of interest.

3029. Priority. 3023. Lender's rights.

3017. Bottomry is a contract by which a ship or its freightage is

hypothecated as security for a loan, which is to be repaid only in case the ship survives a particular risk, voyage, or period.

3018. The owner of a ship may hypothecate it or its freightage, upon bottomry, for any lawful purpose, and at any time and place.

3019. The master of a ship may hypothecate it upon bottomry only for the purpose of procuring repairs or supplies which are necessary for accomplishing the objects of the voyage, or for securing the safety of the ship.

3020. The master of a ship can hypothecate it upon bottomry only when he cannot otherwise relieve the necessities of the ship, and is unable to reach adequate funds of the owner, or to obtain any upon the personal credit of the owner, and when previous communication with him is precluded by the urgent necessity of the case.

3021. The master of a ship may hypothecate freightage upon bottomry, under the same circumstances as those which authorize an hypothecation of the ship by him.

3022. Upon a contract of bottomry, the parties may lawfully stipulate for a rate of interest higher than that allowed by the law upon other contracts. But a competent court may reduce the rate stipulated when it appears unjustifiable and exorbitant.

3023. A lender upon a contract of bottomry, made by the master of a ship, as such, may enforce the contract, though the circumstances necessary to authorize the master to hypothecate the ship did not in fact exist, if, after due diligence and inquiry, the lender had reasonable grounds to believe, and did in good faith believe, in the existence of such circumstances.

3024. A stipulation in a contract of bottomry, imposing any liability for the loan independent of the maritime risks, is void.

3025. In case of a total loss of the thing hypothecated, from a risk

nothing; in case of a partial loss, he can recover only to the extent of the net value to the owner of the part saved.

3026. Unless it is otherwise expressly agreed, a bottomry loan becomes due immediately upon the termination of the risk, although a term of credit is specified in the contract.

3027. A bottomry lien is independent of possession, and is lost by omission to enforce it within a reasonable time.

3028. A bottomry lien, if created out of a real or apparent necessity, in good faith, is preferred to every other lien or claim upon the same thing, excepting only a lien for seamen's wages, a subsequent lien of material-men for supplies or repairs indispensable to the safety of the ship, and a subsequent lien for salvage.

3029. Of two or more bottomry liens on the same subject, the latter in date has preference, if created out of necessity.

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