Indiana Code 28-7-5-35. Conflicting claims; sale of pledge subject to adjudication
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Terms Used In Indiana Code 28-7-5-35
- 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
- Person: means any individual, limited liability company, sole proprietorship, partnership, trust, joint venture, corporation, unincorporated organization, or other form of entity, however organized. See Indiana Code 28-7-5-2
- Pledge: means personal property deposited with a pawnbroker as security for a loan. See Indiana Code 28-7-5-2
Sec. 35. If more than one (1) person shall claim the right to redeem a pledge, the pawnbroker shall incur no liability for refusing to deliver the pledge until the respective rights of the claimants shall have been adjudicated. If no action be brought against the pawnbroker by either party within the period for which the pawnbroker is required under section 30 of this chapter to hold the pledge, or within one (1) month after notice of an adverse claim, the pawnbroker may proceed to sell the pledge subject to adjudication of the parties’ rights.
Formerly: Acts 1935, c.195, s.34. As amended by P.L.263-1985, SEC.196; P.L.14-1992, SEC.156; P.L.258-2003, SEC.15.