Stolen-claim freeze

Definition

A police order locking goods claimed stolen, which ends only after the shop writes to say so.

Why It Matters

Forfeiture by operation of law says title vests thirty days after maturity with no further notice necessary. There is a second route to title and it runs the other way. Goods under a police hold are frozen for up to ninety days unless a court extends it. In Florida the freeze ends only when the pawnbroker notifies the officer by certified mail that the holding period has expired, and title vests ten days later if no extension arrives. Ohio puts that writing on the sheriff instead, so who must speak varies by state. Held goods are stock the shop may not sell, may not write off and does not yet own, and a shop that has never sent the letter is carrying dead inventory at cost in the asset line the price is built on.