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  1. #1
    Join Date
    Apr 2010
    Posts
    8

    Default Can a Pawn Shop Legally Not Return My Golds Once the Grace Period Has Passed

    Hello,

    I pawned my golds in a pawn shop last year and were extending it properly unitll the last time I totally forgot...and I opened the letter they usually sent with a 10 day grace period tim, 3 days after the period was passed.
    I have been talking to the shop owner and they kept telling me if they still have the items, they will give it back to me.
    The period was too short to have sold the golds or done anything to them.
    For the past 3 motnhs & half, they keep telling me they have not had the chance to look for them and I should call back in 2 weeks.
    This is becoming rediculous.
    Can they actually and legally (not morally) posses my items ?
    Is there anything I can do about it legally ?

    Thank you for your help.

  2. #2
    Join Date
    Mar 2007
    Posts
    9,096

    Default Re: Can a Pawn Shop Legally Not Return My Golds Since the Grace Period Was Passed

    The moment the grace period passed, they could sell the items.

    A pawn shop is not a holding pen for your items... and a year is way too long.

  3. #3
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Can a Pawn Shop Legally Not Return My Golds Since the Grace Period Was Passed

    Your contract is what controls. Read it. If it says your property will be forfeit if you fail to make a payment, then the pawn shop can claim the property the instant you fail to make a payment as agreed.

    If the contract states they will give you a grace period or they will provide notification more than 3 days before the items are forfeit, then you have a legal argument that they must not sell the property and make it available to you.

    So, what does your contract say to the matter?

  4. #4
    Join Date
    Apr 2010
    Posts
    8

    Default Re: Can a Pawn Shop Legally Not Return My Golds Once the Grace Period Has Passed

    Hi JK,
    I read the contract and it does say after mailing a letter which has a grace period of 10 days; the lender will become vested with all rights and title to the property submitted as collateral.
    So, I guess that would be the end of the story?

    Thanks for your time.

  5. #5
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Can a Pawn Shop Legally Not Return My Golds Once the Grace Period Has Passed

    Quote Quoting Maria Parva
    View Post
    So, I guess that would be the end of the story?
    .
    Yes, unless they are willing to do something other than that but it is wholly up to them. There is no requirement for them to do anything other than what the contract binds them to.

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