2006 Minnesota Code
Chapters 324 - 338 Trade Regulations, Consumer Protection
Chapter 325J Pawnbroker Regulation
Section 325J.06 EFFECT OF NONREDEMPTION.
325J.06 EFFECT OF NONREDEMPTION.
(a) A pledgor shall have no obligation to redeem pledged goods or make any payment on a
pawn transaction. Pledged goods not redeemed within at least 60 days of the date of the pawn
transaction, renewal, or extension shall automatically be forfeited to the pawnbroker, and qualified
right, title, and interest in and to the goods shall automatically vest in the pawnbroker.
(b) The pawnbroker's right, title, and interest in the pledged goods under paragraph (a)
is qualified only by the pledgor's right, while the pledged goods remain in possession of the
pawnbroker and not sold to a third party, to redeem the goods by paying the loan plus fees and/or
interest accrued up to the date of redemption.
(c) A pawn transaction that involves holding only the title to property is subject to chapter
168A or 336.
History: 1996 c 404 s 6
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