Ohio Rev. Code » Chapter 4727 - Ohio Revised Code | Ohio Laws

Ohio Rev. Code § 4727.11

Redemption, forfeiture of pawned property

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Effective:
March 28, 2017
Latest Legislation:
Senate Bill 235 - 131st General Assembly
PDF:
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(A) If a pledgor fails to pay interest and fees to a person licensed as a pawnbroker on a pawn loan for three months from the date of the loan or the date on which the last interest payment is due, the licensee shall notify the pledgor by United States postal mail, with proof of mailing, to the last place of address given by the pledgor, that unless the pledgor redeems the pledged property or pays all interest due and fees within thirty days from the date the notice is mailed, the pledged property shall be forfeited to the licensee. If the pledgor fails to redeem or pay all interest due and fees within the period specified in the notice, the licensee becomes the owner of the pledged property.

(B) In the event that any article or property is redeemed by a person other than the pledgor, the pledgor shall sign the pledgor's copy of the statement required under section 4727.07 of the Revised Code, which copy shall be presented by the person to the licensee. The licensee shall verify the name of the person redeeming the article or property, and shall record the person's name and driver's license number, or other personal identification number, on the licensee's copy of the statement, and shall require the person to sign this copy.

(C) In the event that any articles or property pledged are lost or rendered inoperable due to negligence of the licensee, the licensee shall replace the articles or property with identical articles or property, except that if the licensee cannot reasonably obtain identical articles or property, the licensee shall replace the articles or property with like articles or property.

(D) When an account is paid in full, the licensee shall return the pledged article immediately to the pledgor. In the event the pledgor sells, transfers, or assigns the pledge, the licensee shall verify the name of the person redeeming the pledge and record that person's name, driver's license number, and signature on the permanent copy of the statement of pledge required pursuant to section 4727.07 of the Revised Code. The licensee also shall obtain the signature of the pledgor, or other person redeeming the pledge, upon a separate record of the transaction, that acknowledges the total dollar amount paid for redemption and the date of redemption. All records shall be kept in the licensee's place of business.
Notes of Decisions
Cited in 3 cases, 2009–2018 · leading case: In Re Martin
Sort: Relevance Newest Treatment
In Re Martin (2009) ohsb · cites it 5× “§ 727 because the items are not property of the estate because the items were not redeemed under Ohio Revised Code § 4727.11, as applicable under 11 U.S.C. § 541 (b)(8).”
Danopulos v. Am. Trading II, L.L.C. (2016) ohioctapp “Sabo instead pledged the firearms to Gold Star, a pawnbroker, and Gold Star’s employee, Anthony Zaffiro, furnished the information related to the pledge to the municipal police department where Gold Star was located in accordance with R.C. 4727.11. Id. at ¶ 6 and 10. When Sabo…”
Schnitzel, Inc. v. Sorensen (In Re Sorensen) (2018) bap9 “, Ohio Rev. Code Ann. § 4727.11 ("the licensee shall notify the pledgor .”
— Ohio Rev. Code § 4727.11(A) — 1 case
In Re Martin (2009) ohsb “§ 727 because the items are not property of the estate because the items were not redeemed under Ohio Revised Code § 4727.11, as applicable under 11 U.S.C. § 541 (b)(8).”
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