pawn
- The process where movable or personal property is offered and transferred to a creditor as collateral. The creditor retains the right to satisfy the debt from the property by selling it if the debt is not repaid within a specified timeframe
- The condition where an item or property is held as collateral under an agreement of this nature
- The action of offering and transferring an item or property as collateral to a creditor to secure a debt
- The act of placing an item or personal property as collateral to a creditor
- To pay for unexpected expenses, he had to pawn his guitar at a local shop.
- If the loan is not repaid in time, the pawned item can be sold by the creditor to recover the debt.
- In financial distress, individuals often resort to the act of pawn to meet their immediate needs.
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