(a) In every pawn transaction made under a loan of money pawn transaction as defined in this part, the pawnbroker shall retain in the pawnbroker’s possession the pledged goods for thirty (30) days after the maturity date of the pawn transaction. Pledged goods not redeemed by the pledgor on or before the maturity date of the pawn transaction set out in the pawn ticket issued in connection with any pawn transaction may be redeemed by the pledgor within the period of thirty (30) days after the maturity date of the pawn transaction by the payment of the originally agreed redemption price (interest, fee and loan amount), and the payment of the additional interest and fee for the period following the original maturity date due on the pawn transaction.
Terms Used In Tennessee Code 45-6-211
Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
Item: means any instrument for the payment of money, even though not negotiable, but does not include money. See Tennessee Code 45-1-103
pawn transaction: means either of the following transactions: (i) "Buy-sell" agreement means any agreement whereby a pawnbroker agrees to hold a property (pledged goods) for a specified period of time not to be less than sixty (60) days to allow the seller the exclusive right to repurchase the property. See Tennessee Code 45-6-203
Pawnbroker: means any person, partnership or corporation engaged in the business of lending money on the security of pledged goods. See Tennessee Code 45-6-203
Pledged goods: means tangible personal property, other than choses in action, securities, printed evidences of indebtedness or title documents, which tangible personal property is purchased by, deposited with, or otherwise actually delivered into the possession of a pawnbroker in connection with a pawn transaction, and includes "pawn" or "pledged property" or similar words. See Tennessee Code 45-6-203
Pledgor: means the pawn loan customer of the pawnbroker, entering into a pawn transaction with the pawnbroker. See Tennessee Code 45-6-203
State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(b) If the pledgor fails to redeem the pledged goods within thirty (30) days after the maturity date of the pawn transaction, the pledgor shall thereby forfeit all right, title and interest of, in and to the pledged goods to the pawnbroker, who shall thereby acquire an absolute title to the pledged goods and the debt becomes satisfied, and the pawnbroker shall have the authority to sell or dispose of the unredeemed pledged goods as the pawnbroker’s own and may sell the unredeemed pledged goods.(c) If the pledgor loses the pawn ticket, the pledgor shall not thereby forfeit the right to redeem the pledged goods, but may promptly, before the lapse of the final redemption date, make affidavit for the loss, describing the pledged goods, which affidavit shall take the place of the pawn ticket, unless the pledged goods have already been redeemed under this part.(d) The following information shall be printed on all pawn tickets or buy-sell tickets:
(1) ANY PERSONAL PROPERTY PLEDGED TO A PAWNBROKER WITHIN THIS STATE IS SUBJECT TO SALE OR DISPOSAL WHEN THERE HAS BEEN NO PAYMENT MADE ON THE ACCOUNT FOR A PERIOD OF THIRTY (30) DAYS AFTER THE MATURITY DATE OF THE PAWN TRANSACTION AND NO FURTHER NOTICE IS NECESSARY;(2) THE PLEDGOR OF THIS ITEM ATTESTS THAT IT IS NOT STOLEN, IT HAS NO LIENS OR ENCUMBRANCES AGAINST IT AND THE PLEDGOR HAS THE RIGHT TO SELL OR PAWN THE ITEM;(3) THE ITEM PAWNED IS REDEEMABLE ONLY BY THE BEARER OF THIS TICKET; and(4) A blank line for the pledgor’s signature.
