§ 6-60-14. Forfeiture of pledged property.

A.

Every pawnbroker shall retain in his or her possession every unredeemed pledge or pawn for 50 days after maturity of the loan. If the pledgor shall fail or neglect, for 50 days after maturity of such loan, to redeem the pawned property, the pawnbroker may, at any time thereafter, mail a notice to the pledge owner, at the residence address designated by him or her on the stub of the book required to be kept by section 6-60-10, which notice shall give the number of the pawn ticket and a description of the property pledged, and in addition, shall notify the pledgor that the property must be redeemed within ten days of the notice, and specify the date, and that upon his or her failure to redeem within this time the pledged property will be forfeited to the pawnbroker and the right of the pledgor thereafter to redeem divested. This notice shall be in form substantially as follows:

___________, 20___

City___________

County___________

State___________

To:

Name___________

No. Street___________

City___________

State___________

 You are hereby notified to redeem your pledged property on or before ten days from date, to wit ___________ (give date) or the same will be forfeited to the pawnbroker under your agreement; and your right to redeem your pledged property will thereafter be divested. Your pawn ticket is No. ___________. The property pledged by you as security is described as follows:

___________

(General description of property)

___________

Pawnbroker

___________

No. Street

B.

Upon the date of mailing such notice, it shall also be the duty of the pawnbroker to publish a notice in a daily newspaper published in the city in substance, as follows:

(Date) ___________

To Pledgors and Pawnors:

 You and each of you are hereby notified that the owners of pawn ticket number ________ to ________, inclusive, must redeem the pledges represented by your pawn ticket on or before ________, 20___, or your right to redeem will be forfeited.

___________

Pawnbroker.

C.

If, notwithstanding such notice, the person obtaining the loan shall fail to redeem the pawned or pledged property within the ten days designated in the notice, the pledgor shall thereby forfeit all right, title and interest of, in and to such pawned and pledged property, to the pawnbroker, who shall thereby acquire an absolute title to it, and the debt become satisfied. The pawnbroker shall have authority to sell or dispose of these unredeemed pledges as his or her own property.

D.

This section shall be printed in full on the back of the pawn ticket required to be given to the pledgor.

(Code 1967, § 26-24; Code 1985, § 24-29)