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Simple English definitions for legal terms
pawnor
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A quick definition of pawnor:
Term: PAWNOR
Definition: A pawnor is someone who gives something they own to someone else as a guarantee that they will pay back money they owe. For example, if someone borrows money from a pawn shop, they might give the pawn shop their watch as collateral. The person who gave the watch is the pawnor.
A more thorough explanation:
PAWNOR
A pawnor is a person who gives their personal property as collateral for a loan.
1. John needed money urgently, so he went to a pawnshop and became a pawnor by leaving his watch as collateral for the loan.
2. Mary became a pawnor by pawning her jewelry to get money for her medical bills.
A pawnor is someone who pledges their personal property as security for a loan. In the examples given, John and Mary both needed money and became pawnors by leaving their valuable possessions as collateral. This means that if they fail to repay the loan, the pawnshop can sell their items to recover the money lent to them.