N.Y. GBS Law § 44 — New York Code / Act GBS / Article 5 / Section 44
Memorandum to be given
Status: in_force

§ 44. Memorandum to be given. 1. Every such collateral loan broker\nshall at the time of each loan deliver to the person pawning or pledging\nany goods, article or thing, a memorandum or note signed by him\ncontaining the substance of the entry required to be made in his book by\nthe last preceding section. Notwithstanding any general or special\nstatutes, local laws and ordinances to the contrary, no collateral loan\nbroker shall ask, demand or receive a service charge greater than ten\ndollars for loans equal to or greater than five hundred dollars, or\nseven dollars for loans equal to or greater than one hundred dollars but\nless than five hundred dollars for any such memorandum or note, provided\nthat for loans less than one hundred dollars a service charge not\ngreater than four dollars may be imposed. The holder of such memorandum\nor note shall be presumed to be the person entitled to redeem the pledge\nand the collateral loan broker shall deliver such article to the person\nso presenting such memorandum or note on payment of principal and\ninterest.  Should such ticket be lost or mislaid the pawnor shall at\nonce apply to the collateral loan broker, in which case it shall be the\nduty of the collateral loan broker to permit such person to examine his\nbooks, and on finding the entry for said ticket, note or memorandum so\nlost and upon his giving to the collateral loan broker an exact\ndescription of the article pawned the collateral loan broker shall issue\na second or stop ticket for the same, provided such person shall furnish\nto the collateral loan broker a lost instrument bond in an amount equal\nto the fair market value of the pledge or, in the alternative, pay a\nlost ticket charge of one percent of the amount of the loan, or five\ndollars, whichever is greater. In case such pawnor neglects to so apply\nand examine said books and receive such memorandum or note in the manner\nabove stated, the collateral loan broker will be bound to deliver the\npledge to any person producing such ticket for the redemption thereof.\nThis article is not to be construed as in any manner limiting or\naffecting such collateral loan broker's common law liability in cases\nwhere goods are stolen or other legal defects of title exist in the\npledgor.\n  2. In addition to the information required to be furnished pursuant to\nsubdivision one of this section a pawn ticket shall contain the\nfollowing notice:\n                           NOTICE OF ELECTION\n  (a) The holder of this ticket may redeem the article pledged at any\ntime prior to sale at private sale or public auction first following\ndefault.  The article pledged may not be sold at private sale or auction\nuntil it has remained four months in the collateral loan broker's\npossession.\n  (b) If the article pledged is sold at private sale or public auction,\nmoney, if any, in excess of the amount of the loan, interest, lawful\nauctioneer's commission, if applicable, lawful extra care charges and\nthe expenses of the advertisement of sale, if applicable, shall be paid\nto the holder of the pawn ticket.\n  (c) If the collateral loan broker shall purchase the article pledged\nat auction the holder shall have an additional ten days to redeem the\narticle pledged by paying to the collateral loan broker the amount of\nthe loan, interest, lawful auctioneer's commission, lawful extra care\ncharges and the expense of the advertisement of sale.\n  (d) A holder may sell this ticket to a third party at any time prior\nto private sale or auction, or he may sell this ticket to the collateral\nloan broker any time ninety or more days after the article was pledged.\n  (e) If this ticket is sold to a collateral loan broker the holder may\nredeem the ticket within ten days after the sale by paying to the\ncollateral loan broker the amount paid for the ticket.\n  3. Notwithstanding any general, special or local law or ordinance to\nthe contrary, if a collateral loan broker in good faith and without\nknowledge extends credit on a loan, the collateral for which was\nentrusted to the pledgor on consignment or was entrusted by a merchant\ndealing in goods of the kind pledged to the pledgor who was a merchant\ndealing in goods of the kind pledged, the collateral loan broker shall\nbe required to relinquish the collateral to the legal owner provided the\namount of the loan and interest due is paid.\n