Pawn - Law Dictionary Search Results
Home Dictionary Name: pawnPawn or Pledge
Pawn or Pledge [fr. pignus, Lat.], a bailment of goods by a debtor to his creditor, to be kept till the debt is discharged.A mortgage of goods is in the Common Law distinguishable from a mere pledge or pawn. By a mortgage the whole legal title passes conditionally to the mortgagee; and if the goods be not redeemed at the stipulated time, the title becomes absolute at law although equity allows a redemption. But in a pledge, a special property only passes to the pledgee, the general property remaining in the pledgor. Also, in the case of a pledge, the right of a pledgee is not consummated, except by possession; and, ordinarily, when that possession is relinquished, the right of the pledgee is extinguished or waived. But, in the case of a mortgage of personal property the right of property passes by the conveyance to the mortgagee, and the possession is not or may not be essential to create or support the title.As to things which may be the subject of pawn: These are, ordinarily, goods a...
pawn
pawn 1 a : a pledge and transfer of possession of movable or personal property to a creditor which gives the creditor the privilege of satisfying the debt from the property (as by selling it) if the debt is not repaid within a specified time ;also : the property pledged [shall not take as a any workman's tools] compare antichresis b : the state of being so pledged or burdened by such a pledge [goods held in ] 2 : the act of pawning vt : to put (personal or movable property) in pawn [when it is redeemed by the person who ed it] compare hypothecate pawn·er [pȯ-nər] or paw·nor [same or pȯ-nȯr] n ...
Pawn
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....
Pawnbroker
Pawnbroker, contemplates that every person who keeps a shop for the purchase or sale of goods or chattels and who purchases goods or chattels and pays or advances thereon any sum of money, with or under an agreement or understanding expressed or implied that the goods or chattel may be afterwards repurchased on any terms, is a 'pawnbroker', Karnataka Pawnbrokers' Assn. v. State of Karnataka, (1998) 7 SCC 707.One who lends money on goods which he receives upon pledge.The rate of interest which pawnbrokers may take has been fixed by law since 1800, by 39 & 40 Geo. 3, c. 48, which Act placed their whole business under various other restrictions. By the (English) Pawn-brokers Act, 1872 (which applies to Scotland, but not to Ireland), this Act, together with its amending Acts, is repealed, and the statute law of the subject consolidated. Sch. IV., dealing with profits and charges, has been amended by the (English) Pawnbrokers Act, 1922, in respect of loans not exceeding 40s.By s. 5 of the A...
Impawn
To put in pawn to pledge to pawn...
Impignoration
The act of pawning or pledging the state of being pawned...
Lumber
A pawnbrokers shop or room for storing articles put in pawn hence a pledge or pawn...
Pawnee
Pawnee, the bailment of goods as security for payment of a debt or performance of a promise is called 'pledge'. The bailor is in this case called the 'pawnor'. The bailee is called 'pawnee'. Indian Contract Act, 1872 (9 of 1872), s. 172The person with whom a pawn is deposited. See Pawn....
Pawner or Pawnor
Pawner or Pawnor, the person depositing a pawn. See Pawn.The bailment of goods as security for payment of a debt or performance of a promise is called pledge. The bailor is in this case called 'pawnor' Indian Contract Act, 1872 (9 of 1872), s. 172]...
Pledge
Pledge, anything put to pawn or given by way of warrant or security; also a surety, bail, or hostage. See PAWN; PIGNUS.Means the transfer of movable property as a security for debt or obligation. The pledgee has the right to sell the goods for the realisation of his debt. But he cannot 'foreclose' the pledge and become the owner of the property himself. This is a feature which distinguishes a pledge from a mortgage, Branch Manager, State Bank of Hyderabad v. GRB Viswanadha Raju, AIR 1993 AP 337: (1993) 2 Andh LT 274: (1993) 2 Hindu LR 36: (1993) 2 Bank Cas 542: (1993) 2 Cur CC 491....
- << Prev.
- Next >>
Sign-up to get more results
Unlock complete result pages and premium legal research features.
Start Free Trial