Sec. 23. (a) Except as provided in subsection (b), when a ticket, instead of being presented in person, is sent to the pawnbroker by mail, accompanied with a money order for the total amount due and a reasonable fee for shipping and handling, the pawnbroker may securely pack and forward the pledge to the pledger in accordance with the remitter’s instructions. If the remittance is insufficient to cover the amount due, the pawnbroker shall either notify the remitter of the amount of the deficiency or send the pledge subject to the payment of shipping charges by the consignee. The pawnbroker’s liability for the pledge shall cease upon delivery of the pledge to the carrier or his agent.

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Terms Used In Indiana Code 28-7-5-23

  • Pawnbroker: means any person, partnership, association, limited liability company, or corporation that engages in the pawn business. See Indiana Code 28-7-5-2
  • Person: means any individual, limited liability company, sole proprietorship, partnership, trust, joint venture, corporation, unincorporated organization, or other form of entity, however organized. See Indiana Code 28-7-5-2
  • Pledge: means personal property deposited with a pawnbroker as security for a loan. See Indiana Code 28-7-5-2
  • Pledger: means the person who delivers personal property into the possession of a pawnbroker as security for a loan. See Indiana Code 28-7-5-2
     (b) If a local ordinance or other law requires the retention of the pledge for a specific period, the pawnbroker shall comply with the local ordinance or other law if the retention period does not exceed ten (10) days.

Formerly: Acts 1935, c.195, s.23. As amended by P.L.14-1992, SEC.148; P.L.35-2010, SEC.178.

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