Also known as: pawns · pawned · pawning · pledge
Written by attorneys · grounded in primary & secondary sources — see below
An item of personal property deposited with a creditor as security for a debt or obligation. The deposit creates a bailment that permits the creditor to sell the property upon default.
Select any source to read its text and confirm it supports the definition.
Phuong Pham refused to pawn her family watch as part of a required school drive. The school expelled her for noncompliance. A court held that the expulsion violated her First Amendment rights because the government cannot compel such an act.
Progressive Healthcare pawned its diagnostic machines to a lender to secure operating funds. No shareholder vote occurred. The transaction remained valid because the statute permits encumbering assets without approval.
Phoenix Technologies board members voted to pawn warehouse inventory for a bridge loan. The action fell within the corporation's express powers to dispose of property. The pawn secured the debt without further ratification.
Peak Performance pawned shares it held in a supplier corporation to obtain credit. The statute expressly authorizes such dealings in interests of other entities. The transaction created a valid security interest.
Prosperity Investments pawned its real-estate holdings to guarantee repayment of a bond issue. The statute permits securing obligations by pledge of corporate property. The lien attached immediately upon delivery of the deed.
Parker Phillips, a Chinese immigrant, applied for a pawn-shop permit identical to those granted to others. Officials denied the application on pretextual grounds. The court found the denial violated equal protection because the ordinance was enforced only against his group.
No. The statute expressly allows a corporation to mortgage or pledge assets without shareholder approval unless the articles provide otherwise.
Taking goods with the intent to pawn them satisfies the intent element for larceny because the conduct creates a substantial risk of permanent loss to the owner.
A pawn is a bailment of personal property delivered to secure a debt, accompanied by a power of sale upon default, whereas an ordinary bailment lacks the security and enforcement features.
…a building block of our national community. For that reason, just as a couple vows to support each other, so does society pledge to support the couple, offering symbolic recognition and material benefits to protect and nourish the union. Indeed, while the States are in general free to vary the benefits they confer on…