If a pawnee1 sells the pledge he does so in his own right2. The right of sale is exercisable by virtue of an implied authority from the pawnor and for the benefit of both parties3. The pawnee must appropriate the proceeds of the sale to the pawnor's debt, for the money resulting from the sale is the pawnor's money to be so applied. The pawnee must account to the pawnor for any surplus after paying the debt4 and is liable in equity and as a fiduciary to pay interest on those monies
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