To pledge a thing without delivering the possession of it to the pledgee. “The master, when abroad, and in the absence of the owner, may hypothecate the ship, freight, and cargo, to raise money requisite for the completion of the voyage.” 3 Kent Comm. 171. See Spect v. Spect, 88 Cal. 437, 26 Pac. 203, 13 L. R. A. 137, 22 Am. St. Rep. 314; Ogden v. Lathrop, 31 N. Y. Super. Ct. 651.