1864. The pledging of movable property is called pawning.
1865. The pawn of a thing gives to the creditor a right to be paid from it by privilege and preference in relation to other creditors.
1866. The privilege subsists only while the thing pawned remains in the hands of the creditor or of the person appointed by the parties to hold it.
1867. The creditor cannot, in default of payment of the debt, dispose of the property given in pawn. He or she may cause it to be seized and sold in the usual course of law under the authority of a competent court and obtain payment by preference out of the proceeds.
1868. The debtor is owner of the property pledged until it is sold or otherwise disposed of. It remains in the hands of the creditor only as a deposit to secure his or her debt.
1869. The creditor is liable for the loss or deterioration of the property pledged according to the rules established in the Book respecting Obligations.
On the other hand, the debtor is obliged to repay the creditor the necessary expenses incurred by him or her for preservation.
1870. If a debt bearing interest be given in pledge, the interest is applied by the creditor in payment of the interest due to him or her.
If the debt for the security of which the pledge is given do not bear interest, the interest of the debt pledged is applied by the creditor in payment of the principal due to him or her.
1871. The debtor cannot claim the restitution of the property given in pledge, until he or she has wholly paid the debt in principal, interest and costs ; unless the property is abused by the creditor.
If another debt be contracted after the pledge is given and become due before that first incurred, the creditor is not bound to restore the property pledged until both debts are paid.
1872. The pledge is indivisible although the debt be divisible. The heir of the debtor who pays his or her portion of the debt cannot demand his or her portion of the property pledged while any part of the debt remains due.
Nor can the heir of the creditor who receives his or her portion of the debt restore the property pledged to the injury of those of his or her coheirs who are not paid.
1873. The rights of the creditor in the property pledged to him or her are subject to those of third parties upon it, according to the provisions contained in the Book respecting Privileges and Hypothecs.
1874. The rules contained in this Chapter are subject in commercial matters to the laws and usages of commerce.