Legal Definition and Related Resources of Pledge, or pawn

A bailment of personal property as security for some debt or engagement. 41 N. Y. 241. A deposit of personal property as security, with an implied power of sale in case of default. Jones, PI. § 1. A pledge or pawn (Lat. pignus), according to Story, is a bailment of personal property as security for some debt or engagement. Story, Bailm. § 286, which see for the less comprehensive definitions of Sir Wm. Jones, Lord JHolt, Pothier, etc. Domat broadly defines it . as an appropriation of the thing given for the security of an engagement. But the term is commonly used as Sir Wm. Jones defines it, to wit, as a bailment of goods by a debtor to his creditor, to be kept till the debt is discharged. Jones, Bailm. 117; 2 Ld. Raym. 909; Poth. de Naut. art. prelim. 1; Civ. Code, art. 2071; Domat, bk. 3, tit. 1, § 1, note 1; Civ. Code La. art. 3100; 6 Ired. (N. C.) 309. The pledgee secures his debt by the bailment, and the pledgor obtams credit or other advantage. See 1 Pars, Cont. 591 et seq. Pledge and pawn. At common law, the terms were synonymous, but in modern usage pawn generally indicates the pledging of goods with a pawnbroker (q.v.) Pledge and mortgage. A pledge is distinguished from a chattel mortgage in that it depends for its validity on possession of the subject matter. Pledge and hypothecation. Hypothecation (q. V.) is a special form of pledge wherein the possession remains in the debtor. In Louisiana. There are two kinds of pledges, the pawn and the antichresis. The former relates to movable securities, and the latter to immovables. If a creditor have not a right to enter on the land and reap the fruits, the security is not an antichresis. 3 La. 157. A pledge of negotiable paper is not valid against third parties without transfer from debtor to creditor. 2 La. 387. See, in general, 13 Pet. (U. S.) 351; 5 Mart. (La.; N. S.) 618; 18 La. 543; 1 La. Ann. 340; 2 La. Ann. 872.

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This definition of Pledge, Or Pawn is based on the The Cyclopedic Law Dictionary . This entry needs to be proofread.

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Pledge or Pawn