§ 91A-3. Definitions. - North Carolina Statutes

§91A‑3.  Definitions.

As used in this Article, thefollowing definitions shall apply:

(1)        "Pawn" or"Pawn transaction" means a written bailment of personal property assecurity for a debt, redeemable on certain terms within 180 days, unlessrenewed, and with an implied power of sale on default.

(2)        "Pawnbroker"means any person engaged in the business of lending money on the security ofpledged goods and who may also purchase merchandise for resale from dealers andtraders.

(3)        "Pawnshop"means the location at which, or premises in which, a pawnbroker regularlyconducts business.

(4)        "Person"means any individual, corporation, joint venture, association, or any otherlegal entity, however organized.

(5)        "Pledgedgoods" means tangible personal property which is deposited with, orotherwise actually delivered into, the possession of a pawnbroker in the courseof his business in connection with a pawn transaction.

(6)        "Purchase"means any item purchased from an individual for the purpose of resale wherebythe seller no longer has a vested interest in the item. (1989,c. 638, s. 2.)