Pawn Law and Legal Definition. Pawn means to pledge an item of personal property as security for a loan, and leave the pledged item with a pawnbroker
Pawnbroker
A pawnbroker is an individual or business that offers secured loans to people, with items of personal property used as collateral. The items having been pawned to the broker are themselves called pledges or pawns, or simply the collateral. While many items can be pawned, pawnshops ty…
What does it mean to be a pawn?
To pawn is to give something as security for a loan. When you get a loan using a watch as the pledge that you will repay the loan, is an example of to pawn. The definition of a pawn is a person or thing manipulated and used by others, or a game piece in the game of chess.
What does pawn stand for?
Rank Abbr. Meaning. PAWN. Programmable Autonomous Waypoint Navigation. showing only Military and Government definitions ( show all 3 definitions) Note: We have 1 other definition for PAWN in our Acronym Attic. new search. suggest new definition.
What are some good things to pawn?
What Can I Pawn For Quick Cash
- Jewelry. Probably the top seller in a pawn business, a pawn shop will have a very good understanding of the product that you have in your hand and should be ...
- Sports Equipment. Did you go for those $3000 golf clubs, and you are now regretting that decision. ...
- Electronics. ...
- Recreational Vehicles. ...
- Guns. ...
- Instruments. ...
What happens if i pawn something?
What do you need to pawn something?
- A VALID STATE-ISSUED IDENTIFICATION.
- THE ITEM YOU WANT TO PAWN OR SELL.
- ANY APPRAISALS OR CERTIFICATES OF AUTHENTICITY.
- PROOF OF OWNERSHIP.
What does it mean to be called a pawn?
If you say that someone is using you as a pawn, you mean that they are using you for their own advantage. It looks as though he is being used as a political pawn by the president. Synonyms: tool, instrument [informal], toy, creature More Synonyms of pawn. Phrasal verbs: See pawn off.
What is a pawn agreement?
The Pawn Shop agrees to allow the Customer to pay the financed amount before the listed due date. In the event that full payment is made before the due date, the listed pledged items shall be immediately returned to the customer.
Why is it called pawn?
The word pawn comes from the Latin word pignus or 'pledge', and the items being pawned to the broker are called pledges or pawns. Pawnbrokers came to England with the Normans and the settlement of Jews in England.
What does pawn mean vs sell?
When you decide to sell an item, you forfeit your ownership of it in exchange for cash. Pawning, however, doesn't mean you have to lose ownership. When you pawn an item, you give your item to the broker as collateral for cash. If you pay them back before the timeline expires, you can retrieve your item.
How does a pawnbroker work?
If you pawn an item, you give it to a pawnbroker as collateral in order to obtain a loan. If you can't make the agreed repayments, the pawnbroker you've borrowed from will keep the item to cover their costs. This means whatever you pawn must be worth at least the amount you're looking to borrow.
Is a pawn a bailment?
According to Section 172 of the Indian Contract Act, 1872; the bailment of goods as security for payment of debt or performance of promise is called pledge or pawn. The Bailor in this case is called the Pledger or Pawner and the Bailee is called the Pledgee or Pawnee.
What's another name for a pawnbroker?
In this page you can discover 11 synonyms, antonyms, idiomatic expressions, and related words for pawnbroker, like: moneylender, loan-shark, tobacconist, greengrocer, usurer, moneymonger, shylock, broker, lender, lumberer and fishmonger.
How do pawns move?
The pawn is the only one of the chess pieces that can capture other pieces in a method that's different from how it normally moves. The pawn captures by moving one square diagonally forward to the left or right.
How do pawns capture?
Pawns capture only by moving diagonally. This is the only way they can capture, and the only way they can move diagonally.
Do you want to or sell pawn?
If you want your item back, your best bet is to pawn the item. However, it's important to remember that if you default on your pawn loan, the pawnshop keeps your item. If you don't want your item back, selling it to the pawnshop is likely in your best interest, as you'll get more money.
How long can you pawn something for?
The short answer is that there is no standard amount of time that all pawn shops hold items. Generally, pawn shops will hold them for at least one month (or thirty days) from the day you brought them in. The shop could also offer a grace period but you are better off paying it within the initial period if you can.
Is it cheaper to pawn or sell?
A pawn store will generally offer more money if you're selling your item instead of pawning it. However, it does depend on a few factors. For instance, if you're selling an in-demand item, such as gold jewelry or a high-end watch, the pawnbroker is more likely to offer you a higher cash value.
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Pawn Law and Legal Definition
Pawn means to pledge an item of personal property as security for a loan, and leave the pledged item with a pawnbroker. The interest rates are inflated, 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 in Historical Law
You might be interested in the historical meaning of this term. Browse or search for Pawn in Historical Law in the Encyclopedia of Law.
Notice
This definition of Pawn is based on the The Cyclopedic Law Dictionary . This entry needs to be proofread.
Pawn in Law Enforcement
Main Entry: Law Enforcement in the Legal Dictionary. This section provides, in the context of Law Enforcement, a partial definition of pawn.
What happens if a pledge is conveyed by way of mortgage?
If the pledge is conveyed by way of mortgage, and thus passes the legal title, unless he redeems the pledge at a stipulated time, the title of the pledge becomes absolute at law; and the pledger has no remedy at law, but only a remedy in equity to redeem. 2 Ves. Jr. 378; 2 Caines' C. Err. 200.
Is a pledge a pawn?
The term pledge or pawn is confined to personal property; and where real or personal property is transferred by a conveyance of the title, as a security, it is commonly denominated a mortgage. 6. A mortgage of goods is, in the common law, distinguishable from a mere pawn.
What does "pledged" mean?
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 pawn any workman's tools — compare antichresis.
What is the meaning of "a chessman"?
1 : one of the chessmen of least value having the power to move only forward ordinarily one square at a time, to capture only diagonally forward, and to be promoted to any piece except a king upon reaching the eighth rank. 2 : one that can be used to further the purposes of another.
