Section 08.76.270. Redemption.

   (a) Unless there is a hold order on the pledged property, the pledged property is subject to a claim under AS 08.76.370 or 08.76.380, or the property is returned to a lessor under AS 08.76.400, a pledgor may redeem pledged property by paying the amount financed and the finance fee in full before the pawnbroker's scheduled closing time on the maturity date.
   (b) If a pledgor does not pay the amount financed and the finance fee in full before the pawnbroker's scheduled closing time on the maturity date, the pawnbroker shall hold the pledged property on the pawnbroker's business premises for a grace period of 30 days plus any extension allowed under AS 08.76.250. A pledgor may redeem the pledged property during the actual grace period by paying the amount financed and the finance fee, but a pledgor may not redeem pledged property after the pawnbroker's scheduled closing time on the last day of the actual grace period. In this subsection, "actual grace period" means the grace period plus any extension allowed under AS 08.76.250.
   (c) If there is a hold order on pledged property, the pledgor may redeem the pledged property only when the hold order is released.
   (d) If pledged property is subject to a claim under AS 08.76.370 or 08.76.380, the pledgor may redeem the pledged property only when the pledged property becomes available under AS 08.76.370 or 08.76.380 for redemption.
   (e) If a pledgor does not redeem pledged property under (a) - (d) of this section, the title and all interest in the pledged property transfer to the pawnbroker.
   (f) The holder of a transaction agreement is presumed to be the person who is entitled to redeem the pledged property that is the subject of the transaction agreement, and a pawnbroker shall deliver the pledged property to the person who presents the transaction agreement and pays the amount financed and the finance fee for the pawn transaction.

Authorities

8.76.250; 8.76.590

Notes

References

AS 8.76.250 .250">Sec. 08.76.250. Extension of grace period.
AS 8.76.590 .590">Sec. 08.76.590. Definitions.

History

(Sec. 5 ch 49 SLA 2010)