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Infolawyer, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 6850
Experience:  Licensed attorney helping individuals and businesses.
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At a pawn shop which party is the legal owner of the item which

Customer Question

at a pawn shop which party is the legal owner of the item which has been pawned? the indidual that gave the pawn shop the article (in this case a watch) agreed to pay interest and was never late on the agreed upon interest charge. In this particular case the pawn shop was held up and all items were stolen (including the watch) No one informed the individual that pawned the watch of the robbery and the owner of the shop collected a
considerable sum from an insurance company without informing the individual who pawned the watch and the pawn shop coninued to collect interest on the amount loaned for two years after the watch was stolen in the robery and the insurance claim had been paid to the pawn shop. the owner of the pawn shop sold ther shop and its inventory to a new owner who also continued to collect interest on the loan. when the individual that gave the shop the watch as a security deposit came forth with the money to pay the loan and reclaim the watch he was informed that the watch was not there. should the insurance
company that paid the pawn shop owner for the watch have told the owner of the watch
that they were paying the pawn shop a large claim on the watch? who is responsible?
Submitted: 2 years ago.
Category: Consumer Protection Law
Expert:  Infolawyer replied 2 years ago.
The person who delivers the item to pawnshop remains its owner. He is a bailor. The shop his agent and Bailee.
Expert:  Infolawyer replied 2 years ago.
If there is a loss shop should recover from insurer and pay.
Expert:  Infolawyer replied 2 years ago.
You have a few options. Let me outline them. You can pursue a complaint in civil court. You may sue for losses suffered plus costs and interest. You can also file a complaint with the attorney general office. You can threaten these options before pursuing and use for leverage. local counsel can also get involved! Best
Expert:  Infolawyer replied 2 years ago.
I wish you the best. I trust the answer has been helpful. kindly let me know.