I don't know and I haven't consulted a CPA, which is why I described it as an "idea" instead of a fact. I know technically how it works, but not how the IRS will view it.

But to my amateur mind, treating it as property doesn't seem like a problem for this view. If you get a loan from a pawn shop, you're not selling them your property, you're just putting it up for collateral while you pay back the loan.