Mr X Pledged His Gold Watch to Mr

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.