Retention, Redemption and Sale of Pledged Goods

Every pawnbroker must retain in his possession all articles pledged to him in accordance with the loan agreement, and shall have a security interests therein. If the pledgor fails to redeem his pledge when due, the pawnbroker shall hold the pledge for redemption for a period of at least forty-five

(45)days after notice of default of payment has been mailed by registered or certified mail, return receipt requested, to the last known mailing address of the pledgor. If within the forty-five

(45)day period after mailing, the pledgor does not redeem the articles pledged by paying the sums due along with all accrued interest, other charges, and a charge of Ten Dollars ($10.00) plus postage costs for the notice of default, which amount the pawnbrokers is authorized to charge to the delinquent pledgor, then the pawnbroker shall, notwithstanding any other provision of law, own the articles(s) pledged based upon his Uniform Commercial Code Security Interest therein. Notwithstanding any other provision of law, the pledgor shall thereafter have no more interest whatsoever in the article(s) pledged, title to the pledged article shall be in the pawnbroker, and the debt of the pledgor to the pawnbroker shall be discharged. The pawnbroker shall not be entitled to a deficiency judgment if the value of the item pawned is less that the total sum owed.