Sec. 10.
(1) Title to the item pledged or pawned vests in the pawnbroker upon the expiration of 3 months or of any period beyond 3 months agreed upon by the parties if the borrower has not paid the debt, interest, and charges on the item pledged or pawned.
(2) A pawnbroker shall not sell any pawn or pledge until the item has remained in his or her possession for at least 3 months.
History: 1917, Act 273, Eff. Aug. 10, 1917 ;-- Am. 1927, Act 347, Imd. Eff. June 2, 1927 ;-- CL 1929, 9693 ;-- CL 1948, 446.210 ;-- Am. 1998, Act 233, Imd. Eff. July 3, 1998
Last modified: October 10, 2016