MONTES PIETATIS, or Monts de Piete. The name of institutions established by
public authority for lending money upon pledge of goods. In those
establishments a fund is provided, with suitable warehouses, and all
necessary accommodations. Directors, manage these concerns. When the money
for which the goods pledged is not returned in proper time, the goods are
sold to reimburse the institutions.
2. These establishments are found principally on the continent of
Europe. With us private persons, called pawnbrokers, perform this office,
sometimes with doubtful fidelity. See Bell's Com. B. 5, c. 2, s. 2.