§ 19-26-11 - Proceeds of sales.
SECTION 19-26-11
§ 19-26-11 Proceeds of sales. – The surplus money, if any, rising from the sale, after deducting the amount ofthe loan, the interest then due on the loan, and the proportionate expense ofadvertising, if any, and of selling, if at public auction, shall be paid overby the pawnbroker to the person who would be entitled to redeem the pledge orpawn in case no sale had taken place. If there is surplus money, notice of thesale and of any balance due the pawnor or the person entitled shall be sent bythe pawnbroker by registered or certified mail addressed to the pawnor at theplace of residence specified in the record book. If any other person claims tobe entitled to the money, and his or her place of residence is known to thepawnbroker, the pawnbroker shall also send that person notice, addressed tothat person at his or her residence, by registered or certified mail. If thenotice or notices are sent, and neither the pawnor nor the other person claimsthe balances within one year from the time of sending the notice or notices, heor she shall be barred from recovering the money from the pawnbroker. For everyviolation of this section or § 19-26-10, the pawnbroker shall be fined notexceeding five hundred dollars ($500), and the pawnbroker's license shallbecome void.