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pawn

v. to pledge an item of personal property as security for a loan, with the property left with the pawnbroker. The interest rates are on the high side, 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. Pawnbrokers are licensed by the state.

See also: pledge 

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The People's Law Dictionary by Gerald and Kathleen Hill Publisher Fine Communications