Section
The pledged property is to be held by whomever the two parties agree upon. If they authorize him to sell it, he may sell it only in the local currency. If he receives the price and it is then destroyed while in his possession, the loss is borne by the pledgor.
His statement, “It is to be held by whomever the two parties agree upon”: “It” refers to the pledged property, and “the two parties” refers to the pledgor and the pledgee. This applies unless the pledgor is content for it to remain in the pledgee’s possession. If he is content with that, then that is what is sought. But if he is not content because he does not trust him, they are told: “Choose someone in whose custody it may be placed.” Once they choose a particular person, it is placed in his custody.
But if they disagree—one of them saying, “I want So-and-so,” while the other says, “I want the other So-and-so”—what should be done? Should the pledgor’s view be given precedence, since he is the owner who fears for his property? Or should the pledgee’s view be given precedence, since he is the one entitled to the debt and wishes to secure it? Or should we disregard both of their views and refer the matter to the judge?
The third view is closer to what is correct. For if we take the pledgor’s view into account because he is the owner, he may choose a man whom the pledgee does not trust. And if we give precedence to the pledgee’s view because he has a right and wishes to secure it, the pledgor may not trust that person, saying, “I fear for my property if it is in this man’s custody.” Therefore, in order to resolve the dispute and solve the problem, we hold that the matter should be brought before the judge, who may appoint whomever he wishes. Thus, his statement, “It is to be held by whomever the two parties agree upon,” applies when they agree on someone; but if they disagree, the matter is referred to the judge, because he has general jurisdiction.
His statement, “If they authorize”: the pronoun refers to the pledgor and the pledgee.
His statement, “him”: that is, the impartial custodian.