445. Implied power of sale in mortgages of chattels and choses in action.

A mortgagee of personal chattels, when possession has been delivered to him1, and a mortgagee of stocks and shares, including a mortgagee by deposit of the share certificates with a blank transfer2, has, in the absence of an express power of sale, an implied power to sell the mortgaged property, where a day for payment is fixed by the mortgage, at any time after default, and, where no day for payment is fixed, after reasonable notice has been given to the mortgagor and default made in payment in pursuance of that notice3. The notice must be in all respects