Pignoration
Pronunciation: /ˈpɪɡˈɛnˈɔɹeɪʃən/
Pignoration (noun)
- A legal act where someone gives an item as security for a debt, so the creditor can take it if the debt is not paid.
Examples
- The bank approved the pignoration as security for the loan.
- Pignoration as security helps lenders reduce risk.