Pledge as bailment secures obligations by transfer of possession and special property, enabling detention until repayment. A pledge is a bailment of personal or movable property delivered to a creditor as security for an obligation; possession passes to the pledgee who acquires a special property enabling detention until repayment. If the transaction's purpose is security only, courts treat it as a pledge despite its form. The pawnee has possessory and limited equitable rights but not absolute ownership and hence no proprietary power of foreclosure beyond the rights expressly granted.