2009 North Carolina Code
Chapter 91A - Pawnbrokers Modernization Act of 1989.
§ 91A-3. Definitions.

§ 91A‑3.  Definitions.

As used in this Article, the following definitions shall apply:

(1)        "Pawn" or "Pawn transaction" means a written bailment of personal property as security for a debt, redeemable on certain terms within 180 days, unless renewed, and with an implied power of sale on default.

(2)        "Pawnbroker" means any person engaged in the business of lending money on the security of pledged goods and who may also purchase merchandise for resale from dealers and traders.

(3)        "Pawnshop" means the location at which, or premises in which, a pawnbroker regularly conducts business.

(4)        "Person" means any individual, corporation, joint venture, association, or any other legal entity, however organized.

(5)        "Pledged goods" means tangible personal property which is deposited with, or otherwise actually delivered into, the possession of a pawnbroker in the course of his business in connection with a pawn transaction.

(6)        "Purchase" means any item purchased from an individual for the purpose of resale whereby the seller no longer has a vested interest in the item. (1989, c. 638, s. 2.)

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