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

(iii)     Implied Power of Sale

443.     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