Pawn - Definition - Law Dictionary Home Dictionary Definition pawn

Definition :

Pawn, is a security, whereby contract, a deposit of goods is made as security for a debt. The right to property vests in the pledge only so far as is necessary to secure the debt. A pawn or pledge is an intermediate between a simple lien and a mortgage which wholly passes the property in the thing covered, Lallan Prasad v. Rahmat Ali, AIR 1967 SC 1322.

Means security, whereby contract, a deposit of goods is made as security for a debt. The right to property vests in the pledge as to secure a debt, Holliday v. Holygate, (1968) 3 Ex 299; Lallan Prasad v. Rahmat Ali, AIR 1967 SC 1322: (1967) 1 SCWR 709.