Article 1027 of Civil Code

A possessory pledge is a contract whereby a person undertakes, as security for a debt owed by him or by another, to deliver to the creditor or to a neutral third party designated by the contracting parties a thing over which the creditor acquires a right in rem entitling him to retain the thing until payment of the debt. And to take priority over unsecured creditors and creditors ranking after him in obtaining satisfaction of his right out of that thing, in whosoever's hands it may be.