§ 19-26-10. Sale of unredeemed articles.
(a) No pawnbroker shall sell or dispose of any property pawned with him or her within
three (3) months after the maturity of the loan on the property if not of a perishable
nature; and, if perishable, for at least one month after that date. For the purposes
of this section, "perishable� means any item(s) or good(s) subject to rapid decay
and/or the value of which will be diminished if not put to the intended use within
a short time.
(b)(1) All such sales shall be made in this state.
(2) All sales of articles received
Free access — add to your briefcase to read the full text and ask questions with AI
§ 19-26-10. Sale of unredeemed articles.
(a) No pawnbroker shall sell or dispose of any property pawned with him or her within
three (3) months after the maturity of the loan on the property if not of a perishable
nature; and, if perishable, for at least one month after that date. For the purposes
of this section, "perishable� means any item(s) or good(s) subject to rapid decay
and/or the value of which will be diminished if not put to the intended use within
a short time.
(b)(1) All such sales shall be made in this state.
(2) All sales of articles received in pawn by any pawnbroker shall be at public auction
to the highest bidder, except that any article less than twenty-five dollars ($25.00)
in value may be sold at private sale, and a record of the articles sold and the sale
prices shall be made, at the time of the sale, in the book required to be kept by
the pawnbroker by § 19-26-5.
(3) Notice of the sale at public auction shall be published at least six (6) days before
the sale in one of the public newspapers, published in English, in the city or town
where the business is carried on, or if no newspaper is published in the city or town,
then in some newspaper published in the county in which the city or town is located.
(4) The notice shall specify the time and place at which the sale is to take place and
by whom it is to be conducted, and shall contain the same number and description of
the articles or goods to be sold as is contained in the memorandum delivered to the
pawnor as required by § 19-26-5.
(c) The borrower, or any person entitled to the property pledged, may, at any time prior
to the sale, pay or tender to the pawnbroker the amount loaned and the interest on
the loan, together with the proportionate cost of advertising the sale, if any, and
the payment or tender shall reinvest the pawnor or the person entitled to the property
pledged with the title and right of possession to the property pawned free of the
pledge.