(A) A pledgor shall have no obligation to redeem pledged goods, or make any payment on a pawn transaction. Pledged goods not redeemed within at least 60 days of the date of the pawn transaction, renewal, or extension, shall automatically be forfeited to the pawnbroker, and qualified right, title, and interest in, and to, the goods shall automatically vest in the pawnbroker.
(B) The pawnbroker’s right, title, and interest in the pledged goods under this section is qualified only by the pledgor’s right, while the pledged goods remain in possession of the pawnbroker, and not sold to a third party, to redeem the goods by paying the loan plus fees, and/or interest accrued up the date of redemption.
(C) A pawn transaction that involves holding only the title to property is subject to M.S. Chapters 168A or 336, as they are amended from time to time.
(Prior Code, § 6.31)