his possession six months after the last day of redemption and all such sales must be at public auction, upon notice of five days, published in some newspaper printed at the place where the sale takes place; and if no newspaper is there printed, then by posting notices in two public places, five days before the sale, giving the place where the articles will be sold, and a list of the articles, which sales must, in all cases, take place in the town or city where such articles are pledged. SEC. 5. After deducting from the proceeds of any sale the amount of the loan, the interest then due, and four per cent. on the loan additional for the expense of the sale, the pledgee must pay the balance to the person entitled to redeem the property if no sale had been made, and if not so paid on demand, three times the amount thereof shall be forfeited, to be recovered by the owner or pledgeor in a civil action. SEC. 6. Every pledgee must exhibit his register, and all articles received by him in pledge, and his account of sales, to any Sheriff, Constable or police officer, possessing the necessary writ or warrant to search for personal property. See Secs. 338 to 343, inclusive, Penal Code, and compare with them. Bottomry, what. Owner of CHAPTER IV. BOTTOMRY. SECTION 3017. Bottomry, what. 3018. Owner of ship may hypothecate. 3019. When master may hypothecate ship. 3020. Same. 3021. When master may hypothecate freight money. 3022. Rate of interest. 3023. Rights of lender, when no necessity for bottomry existed. 3024. Stipulation for personal liability void. 3025. When money loaned is to be repaid. 3026. When bottomry loan becomes due. 3027. Bottomry lien, how lost. 3028. Preference of bottomry lien over other liens. 3029. Priority of bottomry liens. SEC. 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. N. Y. C. C., Sec. 1673. SEC. 3018. The owner of a ship may hypothecate it hypothecate. or its freightage, upon bottomry, for any lawful purpose, ship may and at any time and place. N. Y. C. C., Sec. 1674. ter may ship. SEC. 3019. The master of a ship may hypothecate it When masupon bottomry, only for the purpose of procuring repairs hypothecate or supplies which are necessary for accomplishing the objects of the voyage, or for securing the safety of the ship. N. Y. C. C., Sec. 1675. SEC. 3020. The master of a ship can hypothecate it same. 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. N. Y. C. C., Sec. 1676. SEC. 3021. The master of a ship may hypothecate When masfreightage upon bottomry, under the same circumstances hypothecate as those which authorize an hypothecation of the ship by him. N. Y. C. C., Sec. 1677. ter may freight money. interest. SEC. 3022. Upon a contract of bottomry, the parties Rate of 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. N. Y. C. C., Sec. 1678. SEC. 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. N. Y. C. C., Sec. 1679. SEC. 3024. A stipulation in a contract of bottomry, imposing any liability for the loan independent of the maritime risks, is void. N. Y. C. C., Sec. 1680. SEC. 3025. In case of a total loss of the thing hypothecated, from a risk to which the loan was subject, the lender upon bottomry can recover nothing; in case of a Rights of lender, when no necessity existed. for bottomry Stipulati n liability void for personal When money loaned is to be repaid. When bottomry loan partial loss, he can recover only to the extent of the net value to the owner of the part saved. SEC. 3026, N. Y. C. C., Sec. 1681. Unless it is otherwise expressly agreed, a becomes due. bottomry loan becomes due immediately upon the termi nation of the risk, although a term of credit is specified Bottomry lien, how lost. Preference of bottomry liens over other liens. Priority of bottomry liens. in the contract. N. Y. C. C., Sec. 1682. SEC. 3027. A bottomry lien is independent of possession, and is lost by omission to enforce it within a reason. able time. N. Y. C. C., Sec. 1683. SEC. 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 materialmen for supplies or repairs indispensable to the safety of the ship, and a subsequent lien for salvage. N. Y. C. C., Sec. 1684. SEC. 3029. Of two or more bottomry liens on the same subject, the latter in date has preference, if created out of necessity. N. Y. C. C., Sec. 1685. CHAPTER V. Responden. tia, what. RESPONDENTIA SECTION 3036. Respondentia, what. 3037. Respondentia by owner. 3038. Respondentia by master. 3039. Rate of interest. 3040. Obligations of ship owner. SEC. 3036. Respondentia is a contract by which a cargo, or some part thereof, is hypothecated as security for a loan, the repayment of which is dependent on mari time risks. N. Y. C. C., Sec. 1686. tia by owner. SEC. 3037. The owner of cargo may hypothecate it Respondenupon respondentia, at any time and place, and for any lawful purpose. N. Y. C. C., Sec. 1687. tia by master SEC. 3038. The master of a ship may hypothecate its Respondencargo upon respondentia, only in a case in which he would be authorized to hypothecate the ship and freightage, but is unable to borrow sufficient money thereon for repairs or supplies which are necessary for the successful accomplishment of the voyage; and he cannot do so, even in such case, if there is no reasonable prospect of benefiting the cargo thereby. N. Y. C. C., Sec. 1688. interest. SEC. 3039. The provisions of Secs. 3022 to 3029 apply Rate of equally to loans on respondentia. N. Y. C. C., Sec. 1689. of ship owner. SEC. 3040. The owner of a ship is bound to repay to obligations the owner of its cargo all which the latter is compelled to pay, under a contract of respondentia made by the master, in order to discharge its lien. N. Y. C. C., Sec. 1690. CHAPTER VI. OTHER LIENS. SECTION 3046. Lien of seller of real property. 3048. Extent of seller's lien. 3049. Lien of seller of personal property. 3050. Purchaser's lien on real property. 3051. Lien for services. 3052. Liens on personal property. 3053. Innkeeper, definition of. 3054. Innkeeper's lien, what it extends to, generally. 3055. Not measured by propriety of supplies. 3056. Goods must be delivered and received in character of guest and innkeeper. 3057. Extends only to goods which innkeeper is bound to receive. 3058. Extends to stolen property. 3059. Extends to horses. 3060. Boarding-house keeper included as innkeeper. 3061. Lien of factor. Lien of seller of real property. When trans fer of con lien. SECTION 3062. Banker's lien. 3066. Attorneys' lien. 3067. Judgment lien. 3068. Mechanic's lien. 3069. Lien on ships. 3070. Enforcement of lien. SEC. 3046. One who sells real property has a vendor's lien thereon, independent of possession, for so much of the price as remains unpaid and unsecured otherwise than by the personal obligation of the buyer. SEC. 3047. N. Y. C. C., Sec. 1691. Where a buyer of real property gives to tract waives the seller a written contract for payment of all or part of the price, an absolute transfer of such contract, by the seller, waives his lien to the extent of the sum payable under the contract. Extent of seller's lien. Lien of seller of personal property. Purchaser's lien on real property. SEC. 3048 Hallock vs. Smith, 3 Barb., 267. A transfer in trust to pay debts, and return the surplus, does not waive the lien. (Id.) N. Y. C. C., Sec. 1692. The liens defined in Secs. 3046 and 3050 are valid against every one claiming under the debtor, except a purchaser or encumbrancer in good faith and for value. Hallock vs. Smith, 3 Barb., 267; Champion vs. Brown, 6 Johns. Ch., 598. Warren vs. Fenn, 28 Barb., 333; Burlingame vs. Robbins, 21 id., 327; Shirley vs. Congress, etc.; Refinery, 2 Edw., 505. But compare Bayley vs. Greenleaf, 7 Wheat., 46. N. Y. C. C., Sec. 1693. SEC. 3049. One who sells personal property has a special lien thereon, dependent on possession, for its price, if it is in his possession when the price becomes payable, and may enforce his lien in like manner as if the property was pledged to him for the price. N. Y. C. C., Sec. 1694. SEC. 3050. One who pays to the owner any part of the price of real property, under an agreement for the sale thereof, has a special lien upon the property, inde pendent of possession, for such part of the amount paid |