What happens on the pawnor's default?

A pledge (pawn) is a bailment of goods as security for payment of a debt or performance of a promise: the pawnor/pledgor delivers possession of movable goods to the pawnee/pledgee, who holds them until the debt is paid or the promise performed. The two names are synonyms — "pawn" is the older, popular word (the pawnbroker's shop), "pledge" the technical one. The Indian Contract Act's section 148 definition (bailment as security — name only) is the classical codification; in Nepal the Muluki Civil Code 2074, Part 5, Chapter 9 — "Contracts of Pledge or Deposit" (the Code's own chapter title, verified from the official table of contents) governs, taking over from the Contract Act 2056's pledge chapter. Everyday forms: gold ornaments pledged for a loan; share certificates and fixed-deposit receipts pledged to banks; goods pledged with sahuji money-lenders; warehouse-receipt financing; vehicles' documents deposited with financiers.