- This is a pawn
- It is the delivery of goods by a debtor to a creditor as a security for the amount borrowed or advanced to the debtor.
- Its salient feature is delivery of possession.
- The creditor acquires possession while the debtor retains ownership
- Mortgage is the conveyance of land or assignment of a chattel as security for the payment of debt or the discharge of some other obligation for which it is given.
- Mortgage involves the use of land as security for a loan.
- There is conveyance of the land to the mortgagee.
- The mortgagor’s right of redemption is a critical component of a mortgage.
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