If a person pawns an item that is later found to be financed, does that finance company have a right to the take the property from the pawn shop?
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If a person pawns an item that is later found to be financed, does that finance company have a right to the take the property from the pawn shop?
Asked on April 17, 2012 under Business Law, Georgia
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Yes, the finance company could recover the item from the pawn shop, if and when the person who'd financed the item defaults on payments. The finance company's pre-existing right to the property would supercede that of the pawn shop, whose right was established later. The pawn shop in turn could sue the person who pawned it to recover their money and possibly additional damages, too.
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