Mr. X pledged his gold watch to Mr. Y as security for a loan. The loan was not paid.

• A. Mr. Y may appropriate the ring as his own if there is a stipulation to that effect.
• B. Mr. Y must sell the ring to someone else even in a private sale.
• C. Mr. Y may recover the deficiency from Mr. X if after the auction sale, a deficiency exists.
• D. Mr. Y cannot recover the deficiency after the auction sale.