|· 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.