A. A pawnbroker shall not sell any items pledged to him as security for a pawn transaction until at least the day after the maturity date.
Terms Used In Arizona Laws 44-1623
- Maturity date: means the date specified on the pawn ticket by which the pledged goods must be redeemed or the pawn ticket must be renewed. See Arizona Laws 44-1621
- Pawn transaction: means either the act between the pawnbroker and a person pledging tangible personal property or extending credit on the security of pledged goods or the act of purchasing tangible personal property with an express or implied agreement or understanding that it may be redeemed or repurchased by the seller for a fixed or variable price within a fixed or variable period of time, except that a good faith outright purchase of tangible personal property is not a pawn transaction. See Arizona Laws 44-1621
- Pawnbroker: means a person who is engaged in the business of advancing money on the security of pledged goods or is engaged in the business of purchasing tangible personal property on the condition that it may be redeemed or repurchased by the seller for a fixed or variable price within a fixed or variable period of time. See Arizona Laws 44-1621
- Pledged goods: means tangible personal property which is deposited with or otherwise actually delivered into the possession of a pawnbroker in the course of the pawnbroker's business in connection with the pawn transaction. See Arizona Laws 44-1621
- Pledgor: means the person leaving the personal property with the pawnbroker and executing the pawn ticket. See Arizona Laws 44-1621
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
- sell: means a sale or any other disposition of a security or interest in a security for value and includes a contract to make such sale or disposition. See Arizona Laws 44-1801
B. All of a pledgor‘s right, title and interest in the pledged goods shall pass by operation of law to the pawnbroker, without recourse, on the day after the maturity date.