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Is ready money lending entitled to take possession

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Reference no: EM133572843

Question: In need of cash, Diamond Jane goes to Ready Money Lending, who agrees to lend $10,000 if Diamond Jane puts up a pearl necklace as collateral. Diamond Jane says, "You've got a deal, as long as I can continue to wear it" and gets the funds. Diamond Jane fails to pay the loan on time. When Ready Money Lending demands that Diamond Jane hand over the pearl necklace, Diamond Jane refuses. Is Ready Money Lending entitled to take possession of the pearl necklace?

Reference no: EM133572843

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