Pawn, in legal terms, refers to the practice of providing personal property as collateral for a loan. The transaction involves the pawnbroker lending money to the borrower in exchange for holding onto the borrower’s item as security. If the borrower fails to repay the loan within a specified period, the pawnbroker has the right to sell the collateral to recoup the amount lent. Pawn transactions are governed by specific laws and regulations to protect both parties involved.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 29th March, 2024.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
- Page URL:https://dlssolicitors.com/define/pawn/
- Modern Language Association (MLA):Pawn. dlssolicitors.com. DLS Solicitors. April 28, 2024 https://dlssolicitors.com/define/pawn/.
- Chicago Manual of Style (CMS):Pawn. dlssolicitors.com. DLS Solicitors. https://dlssolicitors.com/define/pawn/ (accessed: April 28, 2024).
- American Psychological Association (APA):Pawn. dlssolicitors.com. Retrieved April 28, 2024, from dlssolicitors.com website: https://dlssolicitors.com/define/pawn/