personal obligation cannot constitute col- lateral security for another obligation of the same debtor, hence if he hold bonds of a corporation as collateral for its note he cannot, if the pledgor become insolvent, claim both on the notes and the bonds; 3 Wyo. 803; 67 Conn. 824. Formerly on default the pledgee had no power to realize upon his pledge, in the absence of agreement, except by securing a judicial decree; Glanv. lib. x. c. 6; 5 Bligh N. 8. 136; 2 Johns. Ch. 100; 8 Ill. 423; 3 Tex. 119; 22 Pick. 40; 2 N. Y. 443. While this might in some cases still be necessary (see 57 Minn. 341), it is now generally con- ceded that on default the pledgee may sell after demand for payment and reasonable notice to pledgor. The pledge must be sold at public auction, and if it be divisible, only enough must be sold to pay the debt. Generally an agreement is entered into when the pledge is made which provides what remedies the pledgee shall have in case of default, and the agreement of the parties will be sustained if not fraudulent or contrary to public policy; 3 Cal. 151 ; 52 Kan. 195; 49 Neb. 280. Thus the pledgor may waive notice; 183 N. Y. 660 ; or authorize the pledgee to sell at public or private sale without advertisement or notice, at his discretion; 84 Fed. Rep. 557; but the sale must be in good faith; 80 id. 665. The fact that the price realized was small will not affect the purchaser's title; 56 id. 164. But a merely colorable and pretended sale of the pledged property by the pledgee does not affect the rights of the pledgor as against one not standing in the position of a bona fide purchaser; 41 Minn. 146. The pledgee may in anticipation of default make a valid contract to sell the collateral when the default occurs; 162 Mass. 527. But a stipulation for a forfeit- ure to pledgee in case of default is void; 84 Hun 496; and a court of equity will scrutinize carefully an agreement for transfer of ownership, and set it aside if it appear to have been obtained under a harsh contract, brought about by the posi- tion of vantage occupied by the pledgee; 79 Fed. Rep. 522. In the absence of an agreement permit- ting it, the pledgee cannot buy the pledge; 84 Me. 72; 127 U. S. 532; see 81 Fed. Rep. 450; though his purchase is voidable mere- ly, at the election of the pledgor, and not void; 54 Fed. Rep. 759; 85 id. (C. C. A.) 539. But on procuring a decree of foreclosure in a proceeding in equity to which he has made the pledgor a party, he can sell, and buy in, taking an indefeasible title; 145 Ill. 168. When corporate bonds, pledged to se- cure claims against the company, are sold at public auction and bought in by the pledgee the latter is entitled to be paid the full value of the bonds, and not merely the amount for which they were pledged; 86 Fed. Rep. 975. Consult Wigmore, The Pledge Idea, 10 Harv. L. Rev. 1, 389; Jones, Pledges; Colebrooke, Collateral Securities; Story, Bailments; Schouler, Bailments. See MORTGAGE; SALE; CHATTEL MORTGAGE ; HYPOTHECATION; LIEN.