PAWN TICKET Meaning and
Definition
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A pawn ticket is a small document or receipt issued by a pawn shop to an individual who pledges an item as collateral for a loan. It serves as proof of the transaction and provides details regarding the terms of the loan agreement.
Typically, when a person brings an item of value (such as jewelry, electronics, or musical instruments) to a pawn shop to obtain a loan, the pawnbroker assesses the item's worth and offers a loan amount based on that evaluation. Once the loan is granted, the pawn ticket is generated by the pawnbroker, outlining crucial information about the loan.
The pawn ticket generally contains the name and contact details of the pawn shop, as well as the customer's information. It specifies the date the loan was initiated and the maturity date, which is the deadline for repaying the loan and reclaiming the pledged item. The ticket also shows the loan amount, any interest charges or fees associated with the transaction, and a description of the collateral.
To retrieve the pawned item, the ticket is usually required by the customer as proof of ownership. Upon repayment of the loan, the pawnbroker returns the item along with a signed release on the ticket. If the loan is not repaid within the specified period, the pawnbroker has the right to keep the item and sell it to recover the loan amount.
Common Misspellings for PAWN TICKET
- oawn ticket
- lawn ticket
- -awn ticket
- 0awn ticket
- pzwn ticket
- pswn ticket
- pwwn ticket
- pqwn ticket
- paqn ticket
- paan ticket
- pasn ticket
- paen ticket
- pa3n ticket
- pa2n ticket
- pawb ticket
- pawm ticket
- pawj ticket
- pawh ticket
- pawn ricket
Etymology of PAWN TICKET
The word "pawn ticket" is composed of two parts: "pawn" and "ticket".
1. "Pawn": The word "pawn" originated from the Old French word "pan" or "pawn", which came from the Latin word "pandere", meaning "to pledge" or "to give as security". In medieval Europe, the practice of pawning emerged as a way for people to obtain loans by leaving an item of value as collateral.
2. "Ticket": The word "ticket" originated from the Old French word "estiquette", which meant a "label" or "piece of paper". This word itself comes from the older Frankish word "stikka", meaning "post or stick". Over time, the meaning of "ticket" expanded to include other forms of receipts or certificates.
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