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If nothing is said, and the stock has been transferred on the books of the company, the pledgee is entitled to the dividends following the general rule above mentioned.

In this case the pledgee is bound to use ordinary diligence in guarding the thing pledged.

A court of equity though may do this, and enjoin a pledgee from voting the stock whenever the pledgor's rights would be affected.

Thus an unpaid vendor of goods sometimes has authority to sell them, so has a pledgee of goods outside the authority conferred by the contract pledging them.

In pledging stock it is a common practice to declare that the pledgee shall be entitled to the dividends that are declared.