Turner

(after stating the facts as above). The contract between the corporation and the trust company, like many contracts of pledge, was entered into in. consideration of a cash loan by the pledgee to the pledgor. The loan was made in reliance upon the collateral and on the pledgor’s contract that the collateral might be sold and the pledge relationship ended at the time and in the mode expressly set forth in the contract of pledge; - that upon nonpayment of the note for $600,000 the trust company was authorized to sell, assign, and deliver the whole of the securities or any part thereof “at any broker’s board or at public or private sale, at the option of the said company, without either advertisement or notice which are hereby expressly ■waived.” We need not dwell at length upon the validity of the general features of such a contract, because the appellants say in their brief that a provision in a contract of pledge that the pledgee may sell the collateral without notice to the pledgor is valid and binding ; they admit that where a pledge agreement provides that the collateral may be sold at private rather than public sale the stipulation is valid; and they concede that a provision…