The following words and phrases shall have the following meanings:
(1) APPROPRIATE LAW ENFORCEMENT AGENCY. The sheriff of each county in which the pawnbroker maintains an office, or the police chief of the municipality in which the pawnbroker maintains an office.
(2) ATTORNEY GENERAL. The Attorney General of the State of Alabama.
(3) PAWN TRANSACTION. Any loan on the security of pledged goods or any purchase of pledged goods on condition that the pledged goods are left with the pawnbroker and may be redeemed or repurchased by the seller for a fixed price within a fixed period of time. A “pawn transaction” does not include the pledge to, or the purchase by, a pawnbroker of real or personal property from a customer followed by the sale or the leasing of that property back to the customer in the same or a related transaction.
(4) PAWNBROKER. Any person engaged in the business of lending money on the security of pledged goods left in pawn, or in the business of purchasing tangible personal property to be left in pawn on the condition that it may be redeemed or repurchased by the seller for a fixed price within a fixed period of time. Notwithstanding the foregoing, the following are exempt from the definition of the term “pawnbroker” and from this chapter: any bank which is regulated by the State Banking Department of Alabama; the Comptroller of the Currency of the United States; the Federal Deposit Insurance Corporation; the Board of Governors of the Federal Reserve System or any other federal or state authority; and all affiliates thereof and any bank or savings and loan association whose deposits or accounts are eligible for insurance by the Bank Insurance Fund or the Savings Association Insurance Fund or other fund administered by the Federal Deposit Insurance Corporation all affiliates thereof, any state or federally chartered credit union, and any finance company subject to licensing and regulation by the State Banking Department pursuant to Sections 5-19-1 to 5-19-19, inclusive.
(5) PERSON. An individual, partnership, corporation, joint venture, trust, association, or any legal entity.
(6) PLEDGED GOODS. Tangible personal property other than choses in action, securities, or printed evidences of indebtedness, which property is purchased by, deposited with, or otherwise actually delivered into the possession of, a pawnbroker in connection with a pawn transaction.
(7) SUPERVISOR. The Supervisor of the Bureau of Loans of the State Banking Department.
(Acts 1992, No. 92-597, p. 1227, §2.)
Notes of Decisions
Cited in
15
cases (
1 in the last 5 years), 1997–2022 · leading case:
In re Jones, 544 B.R. 692 (Bankr. M.D. Ala. 2016).
In re Jones, 544 B.R. 692 (Bankr. M.D. Ala. 2016).
· cites it 3× “CODE § 5-19A-2(3). “Pledged goods” are defined as “[tjangible personal property other than choses of action, securities, or printed evidences of indebtedness, which property is purchased by, deposited with, or otherwise actually delivered into the possession of, a *697…”
Mattheiss v. Title Loan Express (In Re Mattheiss), 214 B.R. 20 (Bankr. N.D. Ala. 1997).
· cites it 7× “4 The traditional pawn transaction or a “Pawn Transaction” as defined by Section 5-19A-2 5 (in which the debtor leaves the col *30 lateral at the pawnshop) can fulfill requirements for both attachment and perfection under the U.”
Geddes v. Mayhall Enter., LLC (In Re Jones), 304 B.R. 462 (N.D. Ala. 2003).
· cites it 3× “The Mattheiss court looked to the definition of pledged goods under Ala.Code § 5-19A-2(6) which defines pledge goods as: Tangible personal property other than choses in action, securities, or printed evidences of indebtedness, which property is purchased by, deposited with, or…”
In Re Young, 281 B.R. 74 (Bankr. S.D. Ala. 2001).
· cites it 2× “See Ala.Code § 5-19A-2. The statute further mandates that each pawn ticket contain the amount of cash advanced, the maturity date of the transaction, the “amount due” and the “monthly rate”.”
In Re Gunn, 387 B.R. 856 (M.D. Ala. 2008).
· cites it 2× “" Ala.Code § 5-19A-2(3). The pawn ticket's terms provided that Gunn would receive a $500 loan due in 30 days at a specified interest rate in exchange for granting TitleMax a security interest in her automobile.”
Pattans Ventures, Inc. v. Williams, 959 So. 2d 115 (Ala. Civ. App. 2006).
“Thus, this type of transaction involves a "pledged good" as defined in the Act, § 5-19A-2 (6), Ala.Code 1975, and is properly covered under the Act, not under Alabama's Small Loan Act.”
Complete Cash Holdings, LLC v. Powell, 239 So. 3d 550 (Ala. 2017).
· cites it 2× “Complete Cash is also a pawnbroker, as that term is defined in Ala. Code 1975, § 5-19A-2(4), which states, in pertinent part: "Any person engaged in the business of lending money on the security of pledged goods left in pawn, or in the business of purchasing tangible personal…”
Express Enter., Inc. v. Waites, 979 So. 2d 754 (Ala. 2007).
“Express Enterprise is a pawnbroker as defined by § 5-19A-2(4), Ala.Code 1975, a part of the Alabama Pawnshop Act (“the Act”).”
Cosby v. Cash Pawn Shop, Inc., 702 So. 2d 175 (Ala. Civ. App. 1997).
“The Cosbys argue that Cash Pawn violated § 5-19A-2(3), which requires that pawned items “may be redeemed or repurchased by the seller for a fixed price within a fixed period of time.”
TitleMax of Alabama, Inc. v. Graham (S.D. Ala. 2022).
· cites it 2× “CODE § 5-19A-2(3). A pawn transaction grants a pawnbroker “a lien on the pledged goods pawned for the money advanced and the pawnshop charge owed, .”
Levia Womack (Bankr. M.D. Ala. 2020).
· cites it 2× “CODE § 5-19A-2(3) (1975). In exchange for the loan extended to the borrower, the pawnbroker receives “a lien on the pledged goods pawned for the money 1 The State of Alabama does not have a separate statute governing title pawns.”
Gunn v. Titlemax of Alabama, Inc., 387 B.R. 856 (M.D. Ala. 2008).
· cites it 2× “” Ala.Code § 5-19A-2(3). The pawn ticket’s terms provided that Gunn would receive a $500 loan due in 30 days at a specified interest rate in exchange for granting Tit-leMax a security interest in her automobile.”
— Ala. Code § 5-19A-2(3) — 10 cases
Mattheiss v. Title Loan Express (In Re Mattheiss), 214 B.R. 20 (Bankr. N.D. Ala. 1997).
“4 The traditional pawn transaction or a “Pawn Transaction” as defined by Section 5-19A-2 5 (in which the debtor leaves the col *30 lateral at the pawnshop) can fulfill requirements for both attachment and perfection under the U.”
In re Jones, 544 B.R. 692 (Bankr. M.D. Ala. 2016).
“CODE § 5-19A-2(3). “Pledged goods” are defined as “[tjangible personal property other than choses of action, securities, or printed evidences of indebtedness, which property is purchased by, deposited with, or otherwise actually delivered into the possession of, a *697…”
In Re Gunn, 387 B.R. 856 (M.D. Ala. 2008).
“" Ala.Code § 5-19A-2(3). The pawn ticket's terms provided that Gunn would receive a $500 loan due in 30 days at a specified interest rate in exchange for granting TitleMax a security interest in her automobile.”
Cosby v. Cash Pawn Shop, Inc., 702 So. 2d 175 (Ala. Civ. App. 1997).
“The Cosbys argue that Cash Pawn violated § 5-19A-2(3), which requires that pawned items “may be redeemed or repurchased by the seller for a fixed price within a fixed period of time.”
Gunn v. Titlemax of Alabama, Inc., 387 B.R. 856 (M.D. Ala. 2008).
“” Ala.Code § 5-19A-2(3). The pawn ticket’s terms provided that Gunn would receive a $500 loan due in 30 days at a specified interest rate in exchange for granting Tit-leMax a security interest in her automobile.”
— Ala. Code § 5-19A-2(4) — 3 cases
Mattheiss v. Title Loan Express (In Re Mattheiss), 214 B.R. 20 (Bankr. N.D. Ala. 1997).
“4 The traditional pawn transaction or a “Pawn Transaction” as defined by Section 5-19A-2 5 (in which the debtor leaves the col *30 lateral at the pawnshop) can fulfill requirements for both attachment and perfection under the U.”
Complete Cash Holdings, LLC v. Powell, 239 So. 3d 550 (Ala. 2017).
“Complete Cash is also a pawnbroker, as that term is defined in Ala. Code 1975, § 5-19A-2(4), which states, in pertinent part: "Any person engaged in the business of lending money on the security of pledged goods left in pawn, or in the business of purchasing tangible personal…”
Express Enter., Inc. v. Waites, 979 So. 2d 754 (Ala. 2007).
“Express Enterprise is a pawnbroker as defined by § 5-19A-2(4), Ala.Code 1975, a part of the Alabama Pawnshop Act (“the Act”).”
— Ala. Code § 5-19A-2(6) — 5 cases
In re Jones, 544 B.R. 692 (Bankr. M.D. Ala. 2016).
“CODE § 5-19A-2(3). “Pledged goods” are defined as “[tjangible personal property other than choses of action, securities, or printed evidences of indebtedness, which property is purchased by, deposited with, or otherwise actually delivered into the possession of, a *697…”
Geddes v. Mayhall Enter., LLC (In Re Jones), 304 B.R. 462 (N.D. Ala. 2003).
“The Mattheiss court looked to the definition of pledged goods under Ala.Code § 5-19A-2(6) which defines pledge goods as: Tangible personal property other than choses in action, securities, or printed evidences of indebtedness, which property is purchased by, deposited with, or…”
Mattheiss v. Title Loan Express (In Re Mattheiss), 214 B.R. 20 (Bankr. N.D. Ala. 1997).
“4 The traditional pawn transaction or a “Pawn Transaction” as defined by Section 5-19A-2 5 (in which the debtor leaves the col *30 lateral at the pawnshop) can fulfill requirements for both attachment and perfection under the U.”
TitleMax of Alabama, Inc. v. Graham (S.D. Ala. 2022).
“CODE § 5-19A-2(3). A pawn transaction grants a pawnbroker “a lien on the pledged goods pawned for the money advanced and the pawnshop charge owed, .”
Levia Womack (Bankr. M.D. Ala. 2020).
“CODE § 5-19A-2(3) (1975). In exchange for the loan extended to the borrower, the pawnbroker receives “a lien on the pledged goods pawned for the money 1 The State of Alabama does not have a separate statute governing title pawns.”
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