The contract of pawn or pledge is one of the five classes of bailment1. It is distinguishable from a transaction of mortgage in two main ways2. In the first place, it is essential to the contract of pawn that the property pledged should be actually or constructively3 delivered to the pawnee4, whereas on a mortgage the property passes by assignment, and possession by the mortgagee is not essential in every case5. Secondly, whereas on a legal mortgage6 of personal property the mortgagee acquires by assignment an absolute interest in the property subject to a right of redemption, in pawn
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