§ 19-26-10 - Sale of unredeemed articles.
SECTION 19-26-10
§ 19-26-10 Sale of unredeemed articles.– (a) No pawnbroker shall sell or dispose of any property pawned with him or herwithin three (3) months after the maturity of the loan on the property if notof a perishable nature; and, if perishable, for at least one month after thatdate. For the purposes of this section, "perishable" means any item(s) orgood(s) subject to rapid decay and/or the value of which will be diminished ifnot put to the intended use within a short time.
(b) All such sales shall be made in this state.
(2) All sales of articles received in pawn by any pawnbrokershall be at public auction to the highest bidder, except that any article lessthan twenty-five dollars ($25.00) in value may be sold at private sale, and arecord of the articles sold and the sale prices shall be made, at the time ofthe 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 publishedat 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, orif no newspaper is published in the city or town, then in some newspaperpublished in the county in which the city or town is located.
(4) The notice shall specify the time and place at which thesale is to take place and by whom it is to be conducted, and shall contain thesame number and description of the articles or goods to be sold as is containedin the memorandum delivered to the pawnor as required by § 19-26-5.
(c) The borrower, or any person entitled to the propertypledged, may, at any time prior to the sale, pay or tender to the pawnbrokerthe amount loaned and the interest on the loan, together with the proportionatecost of advertising the sale, if any, and the payment or tender shall reinvestthe pawnor or the person entitled to the property pledged with the title andright of possession to the property pawned free of the pledge.