Code of Alabama - Title 5: Banks and Financial Institutions - Section 5-19A-6 - Redemption or automatic forfeiture of pledged goods

Section 5-19A-6 - Redemption or automatic forfeiture of pledged goods.

A pledgor shall have no obligation to redeem pledged goods or make any payment on a pawn transaction. Pledged goods not redeemed within 30 days following the originally fixed maturity date shall be forfeited to the pawnbroker and absolute right, title, and interest in and to the goods shall vest in the pawnbroker.

(Acts 1992, No. 92-597, p. 1227, §6.)

Last modified: May 3, 2021