Laserfiche WebLink
DEC -13 -2001 15:50 <br />6517664155 P.04 /05 <br />renewal, or extension: no further notice is necessary. There is <br />no obligation for the pledgor to redeem pledged goods. "; <br />(2) the statement that "The pledgor of this item atteate <br />that it is net stolen, it has no liens or encumbrances against <br />it, and the pledgor has the right to sell or pawn the item. "; <br />(3) the statement that "This item is redeemable only by the <br />pledgor to whom the receipt was issued, or any person identified <br />in a written and notarized authorization to redeem the property <br />identified in the receipt, or a person identified in writing by <br />the pledgor at the time of the initial transaction and signed by <br />the pledgor. Written authorization for release of property to <br />persons other than the original pledgor must be maintained along <br />with the original transaction record."; and <br />(4) a blank line for the pledger's signature. <br />RIST: 1996 c 404 a 4 <br />== 325.1.05 <br />325,7.05 Records; retention. <br />(a) The pledgor or seller shall sign a pawn ticket and <br />receive an exact copy of the pawn ticket. <br />(b) The pawnbroker shall maintain on the premises a record <br />of all transactions of pledged or purchased goods for a period <br />of three years. These records shall be a correct copy of the <br />entries made of the pawn transactions. A pawnbroker shall upon <br />request provide to the appropriate law enforcement agency a <br />complete and accurate record of pawn transactions. If the <br />pawnbroker provides the records in a computerized format, they <br />must be provided in the interchange file specification format. <br />(n) Fnr nnrrnnmPn of Paragraph (h), "interchange file <br />specification format" meane the most current version of the <br />Minneapolis automated pawn system interchange filo specification <br />format. <br />HIST; 1996 c 404 s 5; 2000 c 274 s 1 <br />== 325.1.06 <br />325.1.06 Effect of nonredemption. <br />(a) A pledgor shall have no obligation to redeem pledged <br />goods or make any payment on a pawn transaction. Pledged goods <br />not redeemed within at least 60 days of the date of the pawn <br />transaction, renewal, or extension shall automatically be <br />forfeited to the pawnbroker, and qualified right, title, and <br />interest in and to the goods shall automatically vest in the <br />pawnbroker. <br />(b) The pawnbroker's right, title, and interest in the <br />pledged goods under paragraph (a) is qualified only by the <br />pledger's right, while the pledged geode remain in possession of <br />the pawnbroker and not sold to a third party, to redeem the <br />Page 5 <br />