Forfeiture by operation of law

Definition

Title passing to the shop thirty days after maturity, with no notice required.

Why It Matters

The statute is unusually clean here: pledged goods not redeemed within thirty days following the maturity date are automatically forfeited, absolute title vests in the pawnbroker by operation of law, and no further notice is necessary. The pledgor has no obligation to redeem and none to pay. So the loan book converts itself into retail inventory on a schedule a buyer can read off the maturity ladder. Ask for that ladder, because it is the closest thing this trade has to a forecast.