550.16 LEVY ON PLEDGED OR MORTGAGED CHATTELS.
When personal property is pledged or mortgaged for the payment of money or the
performance of any contract or agreement, the right and interest of the pledgor or mortgagor in
such property may be sold on execution against the pledgor or mortgagor, and the purchaser shall
acquire all the pledgor's or mortgagor's right and interest therein, and be entitled to the possession
of such property, on complying with the terms and conditions of the pledge or mortgage.
History: (9301) 1913 c 63 s 1; 1955 c 220 s 1; 1986 c 444