Pledges — Collateral — Duty of pledgee to sell collateral upon request of pledgor — Promise to carry debtor until the value of securities is restored — Consideration.
1. A creditor-pledgee is under no duty to sell collateral upon the request or order of the debtor-pledgor. [278]
2. A promise of a creditor to carry his debtor until the financial panic is over, and until stocks pledged as collateral security return to their former values, is without consideration, and unenforceable, where such promise does not induce the debtor to forbear or to omit any action which he otherwise might or would have performed. [278-9]
Argued November 29, 1935.
PER CURIAM, January 6, 1936:
The opinion filed in this case by President Judge STERN of the court below, who presided at the trial, correctly disposes of all questions involved in the appeal and is hereby adopted by us in affirming the judgment.
Judgment affirmed.