If any loan remains unpaid for a period of sixty days from the due date or any renewal or extension thereof, the title of the borrower or pledgor to the property pledged to secure the loan shall vest in the pawnbroker, without advertising, sale, or accountability to the pledgor, if the pawn ticket or memorandum delivered to the borrower in accordance with Section 40-39-80, contains on the back thereof a notice to that effect, and if a printed or written notice of the impending forfeiture is mailed to the pledgor at the address given on the pawn ticket, at least ten days prior to the forfeiture date. This notice must contain a description of the article pledged, and the amount due thereon as of the date of the notice. No notice is required on loans of fifty dollars or less.
HISTORY: 1988 Act No. 491, Section 2.
Editor's Note
Prior Laws:1900 (23) 427; Civ. C. '02 Section 1755; Civ. C. '12 Section 2631; Civ. C. '22 Section 3952; 1932 Code Section 7136; 1942 Code Section 7136; 1952 Code Section 56-1161; 1962 Code Section 56-1161; 1962 (52) 1959.