Highland v. Davis

A. The authority given the holder of the Highland note upon its non-payment was to sell the collateral at public or private sale, with the right to the holder “at any such sale” to purchase “the property sold.” Since this authority is in contravention of the pledgor’s common law rights, the contract of pledge, if unambiguous, “will be strictly construed * * * and in order that the sale and purchase be valid and effectual to pass title to him, the pledgee must bring . himself strictly within their terms.” Annotation, 76 A. L. R. 717. The words in the Highland note are plain and conferred on…