A good friend wants to borrow some money for a year. He is willing to let me hold his pistol (Beretta 92F) as collateral until he pays me back. He lives in Texas and I am in California. The handgun is at his parents house which is located in California. The gun was bought in Texas.
Do I need to transfer it or can I just borrow it for the year? I do not plan on selling it or transferring it to anyone.