In general, 'pandrecht' means either 'lien' or 'right of lien'. The exact interpretation/translation depends entirely on your specific context.
See the links below for an explanation in English.
Note: 'pandrecht' can also mean 'law of lien'.

LIEN - The right to retain the lawful possession of the property of another until the owner fulfills a legal duty to the person holding the property, such as the payment of lawful charges for work done on the property. A mortgage is a common lien.

In its widest meaning this term includes every case in which real or personal property is charged with the payment of any debt or duty; every such charge being denominated a lien on the property. In a more limited sense it is defined to be a right of detaining the property of another until some claim be satisfied.

The right of lien generally arises by operation of law, but in some cases it is created by express contract.

There are two kinds of lien; particular and general. When a person claims a right to retain property, in respect of money or labor expended on such particular property, this is a particular lien.

Liens may arise in three ways:

1. By express contract;

2. From implied contract, as from general or particular usage of trade;

3. By legal relation between the parties, which may be created in three ways: 1. When the law casts an obligation on a party to do a particular act and in return for which, to secure him payment, it gives him such lien; common carriers and inn keepers are among this number; 2. When goods are delivered to a tradesman or any other, to expend his labor upon, he is entitled to detain those goods until he is remunerated for the labor which he so expends; 3. When goods have been saved from the perils of the sea, the salvor may detain them until his claim for salvage is satisfied; but in no other case has the finder of goods a lien.
http://www.lectlaw.com/def/l036.htm

http://en.wikipedia.org/wiki/Lien
http://legal-dictionary.thefreedictionary.com/Lien