# Forfeiture by operation of law

A term used when buying pawn shop.

In Florida, title to unredeemed goods vests in the shop thirty days after maturity, with no notice needed.

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.

Part of: Buying a Pawn Shop (https://searchspheresource.com/guides/buying-a-pawn-shop)

Source: https://searchspheresource.com/guides/buying-a-pawn-shop/terms/forfeiture-by-operation-of-law
Not dated: The same editorial definitions as the glossary, inside a trade.

Site index for machines: https://searchspheresource.com/llms.txt