ART. 3146. [3113.]-But this tacit consent must be inferred from circumstances, so strong as to have no doubt of the owner's intention; as if he was present at the making of the contract, or if he himself delivered to the creditor the thing pawned.

ART. 3147. [3114.]-Although the property of another can not be given in pledge without his consent, yet so long as the owner refrains from claiming it, the debtor who has given it in pledge, can not seek to have it restored until his debt has been entirely discharged.

ART. 3148. [3115.]-Tutors of minors and curators of persons under interdiction, curators of vacant estates and of absent heirs, testamentary executors and other administrators named or confirmed by a judge, can not give in pledge the property confided to their administration, without being expressly authorized in the manner prescribed by law.

2 A. 872.

ART. 3149. [3116.]—An attorney can not give in pledge the property of his principal without the consent of the latter, or an express power to that effect.

Nevertheless, where the power of attorney contains a general authority to mortgage the property of the principal, this power includes that of giving it in pledge.

ART. 3150. [3117.]-The property of cities and other corporations can only be given in pledge, according to the rules and subject of the restrictions prescribed on that head by their respective acts of incorporation.

ART. 3151. [3118.]-A partner can not for his own concerns, give in pledge the partnership property without the consent of his associates. He can not do it even for the partnership concerns, without such consent, unless he be vested with the management of the copartnership.

This rule admits of exception in matters of commercial partnership.

ART. 3152. [3119.]-It is essential to the contract of pledge that the creditor be put in possession of the thing given to him in pledge, and consequently that actual delivery of it be made to him, unless he has possession of it already by some other right.

1 R. 516; 8 M. 57; 7 A. 221; 19 A. 364.

ART. 3153. [3120.]-But this delivery is only necessary with respect to corporeal things; as to incorporeal rights, such as credits, which are given in pledge, the delivery is merely fictitious and symbolical.

C. C. 3158 (3125); 1 R. 516; 1 A. 340; 7 A. 221; 19 A. 364.

CHAPTER 2.

Of Pawn.

ART. 3154. [3121.]-One may pawn every corporeal thing, which is susceptible of alienation.

One may even pawn money as a security for performing or refraining to perform an act.

14 A. 377; 15 A. 165.

ART. 3155. [3122.]-One may, in fine, pawn incorporeal movables, such as credits and other claims of that nature.

19 A. 364; 23 A. 478; D. Sec. 2396, Rail Road bonds.

ART. 3156. [3123.]-When a debtor wishes to pawn a claim on another person, he must make a transfer of it in the act of pledge, and deliver to the creditor to whom it is transferred the note or instrument which proves its existence, if it be under private signature, and must indorse it if it be negotiable.

C. C. 3160 (3127), 3161 (3128); 2 L. 361, 386; 17 L. 180, 428; 9 A. 539; 14 A. 377; 19 A. 364.`

ART. 3157. [3124.]-The pawn invests the creditor with the right of causing his debt to be satisfied by privilege and in preference to the other creditors of his debtor, out of the product of the movable, corporeal or incorporcal, which has been thus burdened.

C. N. 2073; 8 L. 483; 8 R. 10; 11 A. 223; 21 A. 555.

ART. 3158. [3125.]-But this privilege shall take place against third persons, only in case the pawn is proved by an act made either in a public form or under private signature; provided such act has been recorded in the manner required by law; provided also that whatever may be in the form of the act, it mentions the amount of the debt, as well as the species and nature of the thing given in pledge, or has a statement annexed thereto of its number, weight and measure.

When a debtor wishes to pawn promissory notes, bills of exchange, stocks, obligations or claims upon other persons, he shall deliver to the creditors, the notes, bills of exchange, certificates of stock or other evidences of the claims or rights so pawned; and such pawn so made, without further formalities, shall be valid as well against third persons as against the pledgers thereof, if made in good faith.

All pledges of movable property may be made by private writing, accompanied by actual delivery; and the delivery of property on deposit in a warehouse, shall pass by the private assignment of the warehouse receipt, so as to authorize the owner to pledge such property; and such pledge so made without further formali

ties, shall be valid as well against third persons as against the pledgers thereof, if made in good faith.

If a credit not negotiable be given in pledge, notice of the same must be given to the debtor.

(Am'd.) C. C. 2643 (2613), 3160 (3127); C. N. 2074, 2075; 8 M. 570; 5 N. S. 618; 2 L. 365, 387, 459; 3 L. 628; 8 L. 428, 483; 1 A. 443; 3 A. 477; 6 A. 517; 7 A. 465; 11 A. 223; 14 A. 375, 393; 15 A. 165; 22 A. 107; 23 A. 478; D. Sec. 335, 2477-2490, 2901-2006. Acts 1852, p. 15. Acts 1855, p. 348.

ART. 3159. [3126.]-Nevertheless, the acts of pledge in favor of the banks of this State shall be considered as forming authentic proof, if they have been passed by the cashiers of those banks or their branches, and contain a description of the objects given in pledge, in the manner directed by the preceding ar

ticle.

1 A. 443; 22 A. 107.

ART. 3160. [3127.]-When the thing given in pledge consists of a credit not negotiable, to enable the creditors to enjoy the privilege above mentioned it is necessary, not only that the proof of the pledge be made by an authentic act or by act under private signature, duly recorded, but that a copy of this act shall have been duly served on the debtor of the credit given in pledge.

C. C. 3156 (3123), 3158 (3125); C. N. 2075; 2 L. 361, 385; 17 L. 190; 24 A. 85. ART. 3161. [3128.]-On the other hand, this notification of the act of pledge to the person owing the debt pledged, shall not be necessary, if the debt is evidenced by a note or other instrument payable to the bearer or to order; because in that case it will suffice that the note or instrument shall have been indorsed by the person pledging it, to invest the creditor with the privilege above mentioned.

C. C. 2643 (2613), 3156 (3123); 2 L. 361; 14 L. 452; 17 L. 190; 2 A. 338; 21 A. 555.

ART. 3162. [3129.]-In no case does this privilege subsist on the pledge, except when the thing pledged, if it be a corporeal movable or the evidence of the credit if it be a note or other instrument under private signature, has been actually put and remained in the possession of the creditor, or of a third person agreed on by the parties.

C. N. 2076; 1 L. 474; 1 A. 340; 2 A. 338; 6 A. 23, 517; 19 A. 364.

ART. 3163. [3130.]-When several things have been pawned the owner can not retake one of these things without satisfying the whole debt, though he offers to pay a certain amount of it in proportion to the thing which he wishes to get.

1 R. 516.

ART. 3164. [3131.]-The creditor who is in possession of the pledge, can only be compelled to return it, but when he has re

ceived the whole payment of the principal as well as the interest and costs.

C. C. 3172 (3139); C. N. 2082; 1 R. 516.

ART. 3165. [3132.]-The creditor can not, in case of failure of payment, dispose of the pledge, but when there have been pledges of stock, bonds or other property for the payment of any debt or obligation, it shall be necessary, before such stocks, bonds or other property so pledged shall be sold for the payment of the debts for which such pledge was made, that the holder of such pledge be compelled to obtain a judgment in the ordinary course of law, and the same formalities in all respects shall be observed in the sale of property so pledged as in ordinary cases; but in all pledges of movable property, or rights, or credits, stocks, bonds or other movable property, it shall be lawful for the pledger to authorize the sale or other disposition of the property pledged in such manner as may be agreed upon by the parties without the intervention of courts of justice; provided that all existing pledges shall remain in force and be subject to the provisions of this act.

Any clause which should authorize the creditor to appropriate the pledge to himself, or dispose thereof without the aforesaid formalities, shall be null.

(Am'd.) C. C. 3157 (3124); C. N. 2078; 8 R. 10; 11 A. 223; 18 A. 209; D. Sec. 2907, 3990. Acts 1852, p. 15, § 4. Acts 1862, p. 61. Acts 1866, p. 267. Acts 1872, No. 7.

ART. 3166. [3133.]-Until the debtor be divested from his property (if it is the case), he remains the proprietor of the pledge, which is in the hands of the creditor only as a deposit to secure his privilege on it.

Article 189 of C. C. of 1825, (not reproduced in this code) C. N. 2079; 9 A. 125. ART. 3167. [3134.]-The creditor is answerable agreeably to the rules which have been established under the title: Of Conventional Obligations, for the loss or decay of the pledge which may happen through his fault.

On his part, the debtor is bound to pay to the creditor all the useful and necessary expenses which the latter has made for the preservation of the pledge.

C. C. 1761 (1754), 1908 (1902), 1926 (1920), 1930 (1924), 3217 (3184), § 6; C. N. 2080; 19 L. 556; 1 A. 344.

ART. 3168. [3135.]—The fruits of the pledge are deemed to make a part of it, and therefore they remain, like the pledge, in the hands of the creditor; but he can not appropriate them to his own use; he is bound, on the contrary, to give an account of them to the debtor, or to deduct them from what may be due to him.

11 A. 223.

ART. 3169. [3136.] —If it is a credit which has been given in

pledge, and if this credit brings interest, the creditor shall deduct this interest from those which may be due to him; but if the debt, for the security of which the claim has been given, brings no interest itself, the deduction shall be made on the principal of the debt.

C. N. 2081.

ART. 3170. [3137.]-If the credit which has been given in pledge becomes due before it is redeemed by the person pawning it, the creditor, by virtue of the transfer which has been made to him, shall be justified in receiving the amount, and in taking measures to recover it. When received, he must apply it to the payment of the debt due to himself, and restore the surplus, should there be any, to the person from whom he held it in pledge.

ART. 3171. [3138.]—The pawn can not be divided, notwithstanding the divisibility of the debt between the heirs of the

debtor and those of the creditor.

The debtor's heir, who has paid his share of the debt, can not demand the restitution of his share in the pledge, so long as the debt is not fully satisfied.

And respectively the heir of the creditor, who has received his share of the debt, can not return the pledge to the prejudice of those of his co-heirs who are not satisfied.

C. N. 2083; 1 R. 516.

ART. 3172. [3139.]—If the proceeds of the sale exceed the debt, the surplus shall be restored to the owner; if, on the contrary, they are not sufficient to satisfy it, the creditor is entitled to claim the balance out of the debtor's other property.

C. C. 3164 (3131); C. N. 2082.

ART. 3173. [3140.]—The debtor who takes away the pledge without the creditor's consent, commits a sort of theft.

ART. 3174. [3141.]-When the creditor has been deceived on the substance or quality of the thing given in pledge, he may claim another thing in its stead, or demand immediately his payment, though the debtor be solvable.

ART. 3175. [3142.]-The creditor can not acquire the pledge by prescription, whatever may be the time of his possession. C. C. 3520 (3486).

CHAPTER 3.

Of Antichresis.

ART. 3176. [3143.]-The antichresis shall be reduced to writing.

The creditor acquires by this contract the right of reaping the