deposit (a). The point that the deposit was really a pledge does not appear to have been noticed in the argument. It is, however, quite clear that time is usually not of the essence of the pawnee's contract to permit the pawnor to redeem, though the rule is different when a creditor has agreed to forego part of his debt on terms which the debtor fails to observe, e.g., when he has given a mortgage two days after the time stipulated for, as a condition of relinquishing part of the debt (b). The period of redemption is usually fixed by contract, but when the pawn is within the Pawnbrokers' Act, the time is regulated by that statute (c). But as the pawnor is the owner of the pledge, the fixing of a time for redemption, either by contract or statute, does not prevent him from redeeming before that time has expired. He may, and constantly does, exercise his right to redeem very shortly after he has delivered the pawn to the pawnee. During the inquiry before the Parliamentary Committee on the Pawnbrokers' Act, it was proved that the number of pawns made, subject to the provisions of the Act, within the Metropolitan area, is not less than forty millions, of which only a very small per centage remain in pledge for twelve months, while very many are redeemed and repledged week by week. When the time fixed by contract or statute has expired, the pawnee may sell the pawn to recoup his advance, interest and expenses. But if he does not choose to exercise his power of sale, he continues to hold the chattel as a pledge, and the pawnor can tender the debt, or offer to fulfil the obligation which the pawn was meant (a) Cooper v. London, Brighton and South Coast Rail. Co., L.R. 4 Ex. D. 88, 48 L.J., 434 Ex. 40 L.T. N.S. 324, 27 W.R. 474. (b) Thompson v. Hudson. L.R. 2 Eq. 612, 2 C.A. 255, 4 H.L. 1, 38 L.J., 431 Ch. (c) 35 & 36 Vict., cap. 93, secs. 16, 17, 18. to secure (a). It has been said that this right of redemption may be exercised at any time during the pawnor's life, but not afterwards, "for it is a condition personal" (b); nor, if he be outlawed, can he redeem during his outlawry (c). But these exceptions cannot now be sustained. If the pawnor die, his executors may tender the money (d). And so long as the pawnee retains possession of the pawn, the pawnor will retain his right to redeem, unless, after pledging, he has agreed, for valuable consideration, to waive that right, as by consenting that the pawnee (not being a Pawnbroker) shall take the pawn in full satisfaction of all claims, thus relieving the pawnor from the risk of having to make good a deficit on sale. Apart from such agreement, he may be required to redeem by notice (e) or by action. And although the Statute of Limitations does not run against a pawn (ƒ), so as to constitute a definite and absolute bar to a claim to redeem by the pawnor, failure to redeem or make any claim to redeem during a long lapse of time, will constitute presumptive evidence of intention to abandon the pawn, and treat the right to redeem as extinguished (g). And as a mortgagor [or pawnor] coming to redeem, can only do so on payment of principal, interest and costs, the right becomes less valuable year by year, and eventually constitutes an oppressive burden to the pawnor. Though the pawnor's personal representatives can exercise their testator's or intestate's right to redeem (h), (a) Subject to the statutory exceptions noted, ante, pp. 79, 101. (b) Ratcliffe v. Davis, Yelv. 178. (c) S.C. per Williams, J., 1 Bulst. 29 (d) Com. Dig. Tit. Mortgage (B), 2 Cro. 245. (e) 1 Reeves's History, 162. (f) Kemp v. Westbrook, 1 Ves. 278, Com. Dig. Mortgage (B). (9) Story On Bailments, sec. 346, ante, Cap. VI., page 77. (h) Demandray v. Metcalfe, Pre. Ch. 420; Vandezee v. Willis, 3 Bro. C.C. 21. they can only do so by virtue of a contract to which the testator or intestate was a party. A creditor who insures his debtor's life without the debtor's knowledge, is not a pawnee of the policy, and therefore is not bound to account to the debtor's representatives for any surplus over the amount of his debt (a). Where property was mortgaged for twelve months, with interest at 10 per cent. in the meantime, but without any covenant to pay interest after the twelve months, it was held in an administration suit (b), that subsequent interest was only recoverable as damages, and should be limited to 5 per cent., though the deceased mortgagor had paid 10 per cent. for several years (c). When two or more pawnors have made a joint pledge, all must join in redeeming it. An application by three out of four may be refused (d). In cases of conflicting rights to redeem, the Court will grant it to him who has the best equitable right thereto. Thus when a puisne equitable mortgagee, with notice of prior equitable claims, and of frauds by the mortgagor, paid off the legal mortgage, he was held to have acquired it, not for himself, but for the first equitable mortgagee. Contra, when he had no notice of fraud or prior claim (e). So also, a creditor who, by writ of elegit acquires a charge on the land, may be entitled to redeem a mortgage thereon (ƒ). By the Roman Law, the pawnor, on redemption, was bound 384 (a) Bruce v. Garden, L.R. 8 Ex. 430, 5 C.A. 32, 39 L.J., 334 Ch. 18 W.R., (b) Re Roberts, Goodchap v. Roberts, L.R. 14 Ch. D. 49. (c) Cook v. Fowler, L.R. 7 H.L. 27, 43 L.J., 855 Ch. (d) Harper v. Godsell, L.R. 5 Q.B. 422, 39 L.J., 185 Q.B., 18 W.R. 954. (e) Masson v. Cox, L.R. 14 Ch. D. 140; Hooper v. Smart, L.R. 1 Ch. D. 90, 45 L.J., 99 Ch. 33 L.T. N.S. 499, 20 L.T. 939, 24 W.R. 152. (f) Mildred v. Austin, L.R. 8 Eq. 220. to pay or tender, not only the principal sum, but all expenses and charges necessarily and properly incurred by the pawnee in keeping or preserving the pawn (a). The same rule would be applicable in England, by analogy to the equitable rule which includes outlay for repairs, but not for permanent improvements, as among the "just allowances " to which a mortgagee is entitled (b). On a somewhat similar principle, a tenant for life, under a settlement of shares held, has a lien upon them for the amount of calls paid thereon (c), because he has thereby preserved them for the benefit of the reversioner, who may be held to have impliedly requested the outlay, the benefit whereof he has adopted and enjoyed. If the pawnor have several pledges in the hands of the same pawnee, he is not bound to redeem them all at the same time. Prima facie, each pledge is retainable only for the particular debt it was deposited to secure, unless the parties expressly or impliedly agree otherwise (d). Thus, when a banker advances money on specific securities, the custom of trade will entitle him to hold them as a cover for the customer's general balance (e), and if the securities are negotiable, his right will not be affected by any equities between the customer and third parties (ƒ). But the rights of bankers, as of other pawnees, will depend upon (a) Dig. Lib. 13, tit. 7, C. 8. (b) Tipton Green Colliery Co. v. Tipton Moat Colliery Co., L.R. 7 Ch. D, 182, 47 L.J., 152 Ch., 26 W.R. 348; Wilkes v. Saunion, L.R. 7 Ch. D. 188, 47 L.J., 150 Ch. (c) Todd v. Morehouse, L.R. 19 Eq. 69, 32 L.T. N.S. 8, 23 W.R. 155. See also Bulley ▼. Bulley, L. R. 15 Ch. D. 479, 47 L.J., 841 Ch. D., 38 L.T. N.S. 401, 26 W.R. 638 (in C.A.) (d) See ante, Cap. VII.-OF THE PAWNEE'S PROPERTY IN THE PAWN, page 85. (e) Re European Bank v. Agra Bank (on appeal), L.R. 6 C.A. 41, 27 L.T. N.S. 732, 21 W.R. 45; London Chartered Bank of Australia v. White, L.R. 4, C.P. 413, 48 L.J. 75 C.P. (f) Misa v. Currie (in H. L.), L.R. 1 A.C. 544, 45 L.J. 414, Ex. 35 L.T. N.S. 414, 24 W.R. 1049. the nature of the bailment. They cannot retain as security for their debts, boxes deposited with them for safe custody only, though the boxes are known to contain valuable securities (a). Even a mortgagee will not be allowed to consolidate mortgages after the mortgagor has assigned his equity of redemption (b). Nor will consolidation of mortgages be extended to a bailment of deeds as security for one of several debts (c). Neither can the grantee of a bill of sale tack thereto a prior mortgage of other property, so as to defeat an execution creditor (d). The Pawnbrokers' Act, 1872, recognizes the pawnor's Common Law right to redeem (e), defines the period for redemption (ƒ), and provides a cheap, simple, and speedy procedure for enforcing the rights of the parties (g). By a section designed to suppress evasions of the Act, transactions by way of colourable sale or deposit are "deemed to be pawnings, pledgings, and loans within the Act;"-a provision which entitles such a depositor to redeem within the statutory period (h). The rights, powers, and benefits conferred on pawnors by the Act are continued to their representatives (i), subject to production by them of the Probate or other documents evidencing their title. Every pledge is redeemable within 12 months and 7 days of the day of pawning, exclusive of that day (k); but pledges for not more than 10s., if not redeemed in due time, become the Pawnbrokers' absolute property (1), this infraction of Common Law principles having been conceded, (a) Leese v. Martin, L.R. 17, Eq. 224, 43 L.J. 193, Ch. 29 L.T. N.S. 742, 22 W.R. 230. (b) Mills v. Jennings (in C.A.), L.R. 13 Ch. D. 639, 39 L.T. N.S. 442. (c) Crickmore v. Freeston, 40 L.J. 137 Ch. (d) Chesworth v. Hunt, Harrison, Claimant, L.R. 5 C.P.D. 266, 49 L.J. 507 C.P., 42 L.T. N.S. 774, 28 W.R, 815. (e) 35 and 36 Vict., cap. 93, secs. 16, 18, 24, and schedule 3. (f) Ibid. M |