Indiana Code 28-7-5-30. Two month redemption period; public access prohibited; unredeemed property subject to sale
Current as of: 2023 | Check for updates
|
Other versions
Sec. 30. (a) Subject to subsections (b) and (c), upon the expiration of two (2) months from the maturity of the loan, a pawned article becomes the property of the pawnbroker and is subject to sale.
(1) the term of the loan; and
(b) Subsection (a) applies only if the pledger is given a reasonable opportunity during:
Terms Used In Indiana Code 28-7-5-30
- Month: means a period extending from a given date in one (1) calendar month to the like date in the succeeding calendar month or, if there is no such like date, then to the last day of the succeeding calendar month. See Indiana Code 28-7-5-2
- Pawnbroker: means any person, partnership, association, limited liability company, or corporation that engages in the pawn business. See Indiana Code 28-7-5-2
- Pledger: means the person who delivers personal property into the possession of a pawnbroker as security for a loan. See Indiana Code 28-7-5-2
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(2) the two (2) month period described in subsection (a);
to repay the loan and redeem the pawned article.
(c) During the term of the loan and the two (2) month period described in subsection (a), the pawnbroker may not allow the public to have access to the pawned article.
Formerly: Acts 1935, c.195, s.29. As amended by P.L.271-1985, SEC.1; P.L.14-1992, SEC.154; P.L.80-1998, SEC.19; P.L.163-2001, SEC.6; P.L.258-2003, SEC.14; P.L.10-2006, SEC.48 and P.L.57-2006, SEC.48; P.L.213-2007, SEC.74; P.L.217-2007, SEC.72; P.L.27-2012, SEC.98; P.L.216-2013, SEC.38.