If the pledgor fails to redeem any articles made of or containing gold, silver, platinum or precious gems within two months from the date of the loan, or becomes two months in arrears in the payment of interest, or fails to redeem any other articles pledged within thirty days after maturity of the loan, the licensee shall notify the pledgor by mail, with proof of mailing, to the last place of address given by the pledgor, that unless the pledge or property is redeemed within thirty days from the date the notice is mailed, specifying in the notice the time and place the sale will take place, it shall be sold at private sale. If the pledgor fails to redeem the property within the thirty-day period specified in the notice, the licensee shall proceed to take ownership of the pledge or property.
(Ord. 1993-53. Passed 3-18-93.)