Dictionary of Greek and Roman antiquities. Ed. by William Smith. Illustrated by numerous engravings on wood.

PIGNUS. PIGNUS. 917
to the contrary, but such sale did not affect the thecae whlich Were founded on contract, the folright of the pledgee. (Dig. 13. tit. 7. s. 18. ~. 2.) lowing were privileged: the hypothecae. of those
If the pledger sold a movable thing that was pig- who had lent money for the purchase of an im.
nerated, or that was specially hypothecated, with- movablething, or of a shop, or for the building,
out the knowledge and consent of the creditor, he maintaining, or improving of a house, &c., and had
was guilty of flrtuim. (Dig. 47. tit. 2. s. 19. ~ 6, contracted for an hypotheca on the thing; there
and s. 68. pr.) If the pledger at the time of a was also the hypotheca which the seller of an
pignlis being given was not the owner of the thing, immovable thing reserved by contract until he was
but had the possession of it, he could still acquire paid the purchase-money. Of these claimants, the
the property of the thing by usucapion, for the Fiscus came first; then the wife in respect of her
pledgirng was not ail interruption of the usucapio. dos; and then the other privileged creditors, ac[PossEssIo.] cording to their priority in point of time.
The creditor could keep possession of a pigner- In the case of unprivileged creditors, the ge.
ated thing till his demand was fully satisfied, and neral rule as already observed was, that priority in
lie could maintain his right tothe possession against time gae priority of right. But an hypotheca
any otber person who obtained possession of the which could be proved by a writing executed in Ia
thing. He could also pledge the thing that was certain public form (instrumentlon publice conplcedged to him; that is, he could transfer the fectznm), or whiclh was proved by the signatures
pledge. (Dig. 20. tit. 1. s. 13. ~ 2.) He had also of three reputable. persons (instrunmentzur quasi
the right, in case his demand was not satisfied at publice conf&ctizn), hadL a priority over all those
the time agreed on, to sell the thing and satisfy his which could not be so proved. If several hypodemands out of the proceeds (jus, distralsendi sie thecae of the stame kind were of the same date, he
seendendi pqenus). (Cod. 8. tit. 27 (28).) This who was in possession of the thing had a priority.
power of sale might be qualified by the ternls of The creditor who had for any reason the priority
the agreement; but a creditor could not be de- over the rest, was intitled to be satisfied to the
prived of all power of sale; nor could he be comn- full alolunt of his claim out of the proceeds of the
pelled to exercise his power of sle. Gaius, (ii, 64) thing pledged. A subsequent creditor could ohillustrates the maxim that he who was not the tain the rights of a prior creditor in several ways.
owner of a thing, could in some cases sell it, by If he furnished the debtor with money to pay off
the example of the pledgee selling a thing pledged; the debt, on the condition of standing in his place,.
but he properly refers the act of sale to the. will and the money was actually paid to the prior
of the debtor; as expressed in the agreement of creditor, the subsequent creditor stepped into the
pledging; and thus in legal effect, it is. the debtor place: of the prior creditor. (Dig. 20. tit. 3. s. 3.)
who sells by means of his agent, thle creditor. An Also, if le purchased the thing on the condition
agreement that a pledge should be forfeited in case that the pitrchase-money should go to satisfy a
the demand was not paid at the time agreed on, prior creditor, he thereby stepped into his place.
was originally very common; but it was declared A subsequent creditor could also, without the conby Constantine, A. u. 326, to be illegal. [Cosienis- sent either of a prior creditor or of the debtor, pay
SORIA LEX1.] In case of a sale the creditor, ac — off a prior creditor, and stand in his place to the
cording to the la-ter law, must give the debtor amount of the sum so paid. This arrangement,
notice of his intention to sell, and after such notice however, did not affect the rights of an interhe must wait two years before he could legally mediate pledgee. (Dig. 20. tit. 4. s. 16.)
make a sale. If any thing remained over after The creditor had an actio hypothecaria or pigsatisfying the creditor, it was his duty to give it to noraticiat ill respect of the pledge against every
the debtor; and if the price was insufficient to person who was in poysession of it and had not a
satisfy the creditor's demand, his debtor was still better right than hila.self. This right of action
his debtor for the remainlder. If no purchaser at existed indifferently. in the case of Pignus and
a reasonable price could be found, the creditor Ilypotheca. The hypothecaria actio was designed
might become the purchaser, but still the debtor to give effect to the right of the pledgee, and conhad a right to redeem the thing within two years sequently for the deli.ver'y of the hypotlhecated.
on condition of fully satisfying the creditor. (Cod. thing or the payment of the debt. A creditor who
8i. tit. 34. s. 3.) had a Pignus,; had also a right to the Interdictumn
If there were several creditors to whom a thing retinendae et recuperandae possessionis, if he was
was pledged which was insufficienlt to satisfy them disturbed in his possession.
all, he whose pledge was prior in time had a pre- The pledgee was bound to restore a pignus on
ference over the rest (potior est inl piyzore qei psrines payment of the debt for which it had been given
eredidit pecemianer et accepit klypotleecanz, Dig. 20. and up. to that time he was bound to take proper
tit. 4. s. 11). Tiere were some exceptions to this care of it. Onl payment of the: debt, lie might be
rule; for instance, when a subsequent pledgee had sued in arn actio pignoraticia by the pledger, for
lent his money to save the pledged thing from de- the restoration of the thing, and for any damage
strnction, he had a preference over a prior pledgee. that it had sustained through his neglect. The
(Dig. 20. tit. 4. s. 5, 6.) This. rule has been remedy of the pledgee againlst the pledger for his
adopted in the English Iaw as. to money lent oil proper costs and charges in respect of the pledge,
ships ad secured by bottomry bonds. and for aly dolres or culpa on the part of the
Certain hvpothecae, both tacitae and founded on pledger relating thereto, was By an actio pignocontract, had a preference or priority (pritileJiuz ) raticia contraria.
over all other claims. The Fiscues had a preference The pledge was extinguished if the thing
in respect of its claims; the wife in respect of perished, for the loss was the owner's; it was also
her dos; the lender of money for the repair or extinguished if the thing was changed so as no
restoration of a building; a pupiillus witlh whose longer to be the same, as if a man should have all
money a thing had been bought. Of those hypo- the timlber in a merchaiht's yard as a security, and
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