In the case of a pledge of goods by a mercantile agent1, the pledgee acquires a right to hold the goods against the principal for the full value of the consideration if the advance has been made in cash2. If the goods are pledged to secure a debt due from the agent to the pledgee before the time of the pledge, the pledgee acquires no right to the goods beyond that which could have been enforced by the agent at the time of the pledge
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