Guam § 49104 - Retention, Redemption and Sale of Pledged Goods.

§ 49104. Retention, Redemption and Sale of Pledged Goods.

Every pawnbroker must retain in his possession all articles pledged to

him in accordance with the loan agreement, and shall have a security

interests therein. If the pledgor fails to redeem his pledge when due, the

pawnbroker shall hold the pledge for redemption for a period of at least

forty-five (45) days after notice of default of payment has been mailed by

registered or certified mail, return receipt requested, to the last known

mailing address of the pledgor. If within the forty-five (45) day period after

mailing, the pledgor does not redeem the articles pledged by paying the

sums due along with all accrued interest, other charges, and a charge of Ten

Dollars ($10.00) plus postage costs for the notice of default, which amount

the pawnbrokers is authorized to charge to the delinquent pledgor, then the

pawnbroker shall, notwithstanding any other provision of law, own the

articles(s) pledged based upon his Uniform Commercial Code Security

Interest therein. Notwithstanding any other provision of law, the pledgor

shall thereafter have no more interest whatsoever in the article(s) pledged,

title to the pledged article shall be in the pawnbroker, and the debt of the

pledgor to the pawnbroker shall be discharged. The pawnbroker shall not be

entitled to a deficiency judgment if the value of the item pawned is less that

the total sum owed.