(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 pledger 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 § 112.26, which notice shall give the number of the pawn ticket and a description of the property pledged and in addition shall notify the pledger 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 pledger thereafter to redeem divested. This notice shall be in form substantially as follows:
_____________________, 20________
____________________________________________
____________________________________________
City County State
To______________________________________Name
________________________________________Address
________________________________________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 number is _________________. The property pledged by you as security is described as follows: ______________________________________________________________(general description of property).
(Pawnbroker)_____________________________________
(Address)________________________________________
(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 Town in substance, as follows:
(Date)________________________
To Pledgers and Pawners:
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 ten days designated in the notice, the pledger shall thereby forfeit all right, title and interest thereof 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 pledger.
(`83 Code, § 5-612)
Statutory reference:
Similar provisions, see Tenn. Code Ann. § 45-6-211