The Same, On Sabinus, Book XXXV. Although an agreement may be entered into that you shall be at liberty to sell land which is pledged to you, nevertheless, you cannot be forced to sell it, although the person who gave it to you in pledge may be insolvent; because the security was given on your account. Atilicinus, however, says that where proper cause is shown, the creditor can be compelled to sell; for what if the amount which is due is much less than the value of the property pledged, and the latter can be sold at present for more than it will bring hereafter? It would be better, however, to say that the person who gave the pledge could sell it and pay what he owed when he has received the purchase-money; provided the creditor can be required to exhibit the property pledged, in case it is movable, if the debtor previously furnished him with sufficient security to indemnify him; for it would be oppressive for a creditor to be compelled to sell the property against his will. 1Where the creditor sells land which has been pledged with him for a larger amount than the debt, and lends the excess at interest, he must pay the interest received on this money to the party who gave him the pledge; and if he, himself, makes use of the excess he must also pay interest on the same; but if he retains it as a deposit, he will not be required to do so.

Pomponius, On Sabinus, Book XXXV. If I incur some necessary expense on account of a slave or a tract of land which I received by way of pledge, I shall be entitled not only to retain the same, but also to bring a counter action on pledge; for suppose that the slave was ill, and I paid out money to physicians, and the slave died; or suppose that I propped up a building or repaired it, and afterwards it was destroyed by fire, and I had nothing which I could hold as a lien. 1Where several slaves are given in pledge, and the creditor sells some of them for a certain amount of money, with the understanding that he will guarantee their title to the purchaser, and he pays his debt with the proceeds; he can retain the remaining slaves until he has been furnished security that he will be indemnified with reference to what he promised the purchaser by way of guarantee of the title to the other slaves. 2Where one of the heirs of a debtor pays his share of the debt, the entire property given in pledge can still be sold, just as if the debtor himself had paid a portion of the debt. 3If I stipulate for payment at the end of one, two, and three years, and I receive a pledge, and agree that unless the money is paid at each of the times specified I shall have the right to sell the property pledged; it is settled that I cannot sell it before the day when all the sums are due; and this is the case because by these words all the payments are indicated, and it is not true that the money is not paid on each day appointed for it, until all the days have arrived. But when all the times for payment have passed, then, even if only one portion should not be paid, the property pledged can be sold. But where it was stated in writing, “That if any one payment should not be made on the day appointed for the same,” suit on the agreement can then be brought at once by the creditor. 4An agreement relating to the sale of property held in pledge should be drawn up in such a way that all the parties will be included in it; but if it only should have reference to the creditor himself, his heir also may legally sell the property, if nothing has been agreed upon to the contrary. 5Where a pledge can be sold on account of an agreement, this may be done not only on account of the unpaid principal, but also on account of other matters, as, for instance, interest and money expended on the property.

Ad Dig. 18,3,2Windscheid: Lehrbuch des Pandektenrechts, 7. Aufl. 1891, Bd. II, § 390, Note 10.Pomponius, On Sabinus, Book XXXV. Where the vendor of a tract of land provides in a contract that if the money is not paid at the appointed time the property shall not be considered sold, the latter clause is understood to mean if the vendor wishes that it should not be sold, because this provision is made for his benefit. For if it was understood in another sense, and the house which was purchased should be burned, the purchaser would have it in his power, by not paying the money, to annul the sale of property which was at his own risk:

Pomponius, On Sabinus, Book XXXV. If a debtor, before redeeming his pledge from his first creditor, should pledge the same property to another for money lent, and, before he pays what is due to either creditor, sells other property to the first creditor for the purpose of setting off the debt against the price of the property sold; it must be held that this has the same effect as if the money had been paid to the first creditor, for it makes no difference whether he discharged the debt by payment, or by set-off, and therefore the position of the second creditor is preferable.

The Same, On Sabinus, Book XXXV. If a creditor sells a tract of land which has been hypothecated to him, and collects all that was due, the debtor will be released. When the creditor gives a release of the price to the purchaser, or stipulates with him for it, the debtor will still be released. If, however, a slave, who has been pledged, is sold by the creditor, the debtor will not be released, as long as the slave can be recovered under the terms of a conditional sale; as is the case where any pledge is sold subject to rescission of contract.

The Same, On Sabinus, Book XXXV. The verb, “To belong,” has an extremely broad signification, for it not only applies to such things as are included in our ownership, but also to those which we possess under any title, even if they are not ours; and we say that articles belong to us to which we have no title at present, but to which we may subsequently acquire one.