Pawn

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Pawn

1. To give at item to a pawnbroker in exchange for a loan. When one pawns an item, one receives the loan and gives the pawnbroker possession of the item. One may receive the item back within a certain period of time if one repays the loan with interest. If the loan is not repaid, the pawnbroker may sell the item in his/her shop. Because the pawnbroker already has possession of the item, he/she does not report non-payment of a loan and it does not affect the borrower's creditworthiness.

2. A fairly uncommon term for collateral.
References in periodicals archive ?
They charge that children are quickly snatched and then pawned off to other families, while their parents are left virtually powerless.
Yet they are pawned off as the new voice of a sizable portion of black America.
Shortly after his term began, Time magazine gushed Davis was ``the most fearless governor in America,'' a story Davis' PR flacks pawned off on every journalist they could corral.