§ 49 — Notice of such sale; report

New York § 49

• Jurisdiction: New York
• Law GBS: General Business
• Art. 5: Collateral Loan Brokers

Text

§ 49. Notice of such sale; report. 1. No pledge shall be sold unless\nwritten or printed notice of intention to sell with a statement of the\narticle or articles to be sold has been first mailed by letter addressed\nto the pledgor at the address given at the time of pledging at least\nthirty days prior to the date of sale. If the sale shall be by public\nauction, then notice of every such sale shall be published for at least\nsix days previous thereto, in at least two of the daily newspapers\nprinted in the city where the business shall be carried on, and also in\ntwo daily newspapers of the city where the sale is to take place and to\nbe designated by said mayor, and such notice shall specify the time and\nplace at which such sale is to take place and the name of the\nauctioneers by whom the same is to be conducted together with a\nstatement of the class of pledges to be sold and the inclusive dates and\nnumbers of the pawn tickets of the pledges to be sold. If the pledge, at\nsuch sale, shall be purchased back by the collateral loan broker, the\npledgor shall be entitled to redeem same within ten days thereafter by\ntendering to the collateral loan broker the amount of the loan with the\ninterest due thereon, the amount of the auctioneer's lawful commission,\nlawful extra care charges, and the expense of the advertisement of the\nsale.\n 2. Any collateral loan broker who sells defaulted pledges at public\nauction, pursuant to this article, shall file with the office of the\nlocal governing body issuing such license within thirty days after such\nsale, a verified report setting forth the name and address of the\ncollateral loan broker, the date when and place where such sale was\nheld, the name and address of the auctioneer that conducted such sale\nand shall include a schedule of each of the defaulted pledges offered at\nsuch sale, together with their pledge numbers, the amount received for\neach pledge and a statement that each of the pledges so listed were\ndelivered over to the auctioneer and actually offered for sale at such\nauction, and in the event the collateral loan broker, during the course\nof such sale purchases back any such pledge, a statement setting forth\nwhich pledges were purchased back by the collateral loan broker. An\naffidavit of publication made by the newspaper in which the notice of\neach such sale was published, as provided by section fifty of this\narticle, shall be annexed to every report filed pursuant to the\nprovisions of this section.\n