§ 5.44.090. Default—Disposition of pledged property.

A.

Except as otherwise specified in this section, upon default by the pledgor, the pawnbroker shall comply with the requirements of Sections 55-9-501 through 55-9-507 N.M.S.A. 1978 in the disposition of the pledged goods.

B.

Notwithstanding subsection A of this section, the pawnbroker shall not dispose of the pledged property, except by redemption, until at least ninety days after the indebtedness has become due.

C.

Notwithstanding subsection A of this section, if the pawnbroker disposes of the pledged property by sale in the regular course of his business, such sale shall conform to the requirements of Section 55-9-504 N.M.S.A. 1978 and if a surplus remains after sale of the pledged property the pawnbroker must make a record of the sale and the amount of the surplus and must notify the pledgor by first class mail sent to the pledgor's last known address of the amount of the surplus and the pledgor's right to claim it at a specified location within ninety days of the date of mailing of the notice if the surplus is one hundred dollars or less, or within twelve months of the date of mailing of the notice if the surplus is greater than one hundred dollars. In the event that the first class mail addressed to any person is returned unclaimed to the pawnbroker, then the pawnbroker must post and maintain on a conspicuous public part of his premises an appropriately entitled list naming each such person. Ninety days or twelve months, as applicable, after the date of such mailing or posting whichever is later, the pawnbroker may retain any surplus remaining unclaimed by the pledgor as his own property.

(Ord. 1267-85 § 9, 1985).