71-2-106. Obligations of pledge holder.
71-2-106. Obligations of pledge holder. (1) A pledge holder for reward may not be self-exonerated from the pledge holder's undertaking. A gratuitous pledge holder may be self-exonerated only by giving reasonable notice to the pledgor and pledgee to appoint a new pledge holder and, if they fail to agree, by depositing the property pledged with some impartial person, who will then be entitled to a reasonable compensation for that person's care of the property.
(2) A pledge holder shall enforce all the rights of the pledgee unless authorized by the pledgee to waive those rights.
History: (1)En. Sec. 3899, Civ. C. 1895; re-en. Sec. 5783, Rev. C. 1907; re-en. Sec. 8301, R.C.M. 1921; Cal. Civ. C. Sec. 2995; Field Civ. C. Sec. 1656; re-en. Sec. 8301, R.C.M. 1935; Sec. 65-110, R.C.M. 1947; (2)En. Sec. 3900, Civ. C. 1895; re-en. Sec. 5784, Rev. C. 1907; re-en. Sec. 8302, R.C.M. 1921; Cal. Civ. C. Sec. 2996; Field Civ. C. Sec. 1657; re-en. Sec. 8302, R.C.M. 1935; Sec. 65-111, R.C.M. 1947; R.C.M. 1947, 65-110, 65-111; amd. Sec. 2255, Ch. 56, L. 2009.