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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
: the property pledged [shall not take as a any workman's tools] compare antichresis
b : the state of being so pledged or burdened by such a pledge [goods held in ]
2 : the act of pawning
vt : to put (personal or movable property) in pawn [when it is redeemed by the person who ed it] compare hypothecate
[same or pȯ-nȯr]
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.