pawn


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Related to pawn: Pawn shop

Pawn

To deliver Personal Property to another as a pledge or as security for a debt. A deposit of goods with a creditor as security for a sum of money borrowed.

In common usage, pawn signifies a pledge of goods, as distinguished from a pledge of intangible personal property, such as a contract right. In a more limited sense, it denotes a deposit of personal property with a pawnbroker as security for a loan. A pawned article is retained until the loan is repaid within a certain time. If it is not repaid on time, the pawnbroker may sell the item.

pawn

v. to pledge an item of personal property as security for a loan, with the property left with the pawn broker. The interest rates are on the high side, the amount of the loan is well below the value of the pledged property, and the broker has the right to sell the item without further notice if the loan is not paid. Pawn brokers are licensed by the state. (See: pledge)

pawn

verb bond, deposit, deposit as collateral, deeosit as security, give as security, give in earnest, hypothecate, impignorate, mortgage, offer collateral, oppignerare, pignerare, pledge, post, put at hazard, put at stake, put in pledge, risk, stake, wager
See also: captive, deposit, pledge, security

pawn

see PLEDGE.

PAWN. A pledge. Vide Pledge.

References in periodicals archive ?
The London based pawnbroker was and still remains the market leader in pawn lending in the United Kingdom.
In fact, pawn customers are law-abiding citizens seeking much-needed short-term cash through collateralized loans.
Williamson of Flint, Michigan is a successful entrepreneur and has more than thirty years of experience in manufacturing, new and used automobile sales, and ownership and operation of pawn shops.
Van Gundy, US Pawn's CEO, stated, "Though the rapid growth and development of the Internet, E-Commerce and Online Auctions has greatly impacted many industries, none will be more positively affected than the Pawn industry.