Consolidated Co. v. Citizens Bank

1. “To create a pledge or pawn, it is necessary tliat the property pledged shall be delivered into the possession of the pledgee, but delivery may be either actual or constructive; and when warehouse receipts for cotton are delivered in pledge, the effect of such delivery is to deliver the cotton itself. Where a warehouse receipt, acknowledging the receipt from a designated person of so much .cotton ‘subject to the presentation of this receipt only,’ is delivered as collateral security, this is sufficient, though such receipt be not indorsed, to transfer the title and possession of the…