2 Answers
2
answers
What is a pawnor?
0
Answer link
A pawnor is the person who delivers property or goods to a pawnee as security for a loan or debt. In simpler terms, the pawnor is the borrower who pledges an item as collateral for a loan.
- The pawnor retains ownership of the item but gives possession to the pawnee.
- If the pawnor repays the loan as agreed, they get their item back.
- If the pawnor defaults on the loan, the pawnee can sell the item to recover the debt.
This relationship is governed by laws relating to pledges or pawns, often found in contract or commercial codes.