Case 3 Daniel borrowed money from Carl. As security, Daniel executed a contract of pledge over his however, were not actually delivered to Carl but remained in Daniel's possession who shall ho subject to the order of the pledgee. Daniel defaulted. Pursuant to the terms of the pledge, Carl of the vessels and sold the same. Daniel contended that the pledge was not effective because constructive and not actual delivery of the vessels to Carl. Is the contention of Daniel tenable? Explain your