Michigan Supreme Court December 22, 1925, Docket No. 37. (Wilkes v. Allegan Fruit & Produce Co.)

Wiest, J.

In this State there is this statute:

“When stock, bonds, or other personal property is pledged as collateral security for the payment of money or the performance of any obligation, and there has been a default in such payment or performance, such stock, bonds or other personal property may be sold to satisfy said debt or obligation at public sale, or at private sale where the contract