QUESTION
What action can you take against a pawn shop for knowingly selling astolen item?
Asked on Jun 17th, 2012 on Business Law - Arkansas
More details to this question:
Last year I had two bicycles stolen from my property. One was a vintage replica and the other was a original vintage 1950''s Hercules bicycle. The very day I discovered they were stolen I filed a police report and actually found the Hercules at a pawn shop near my home. The owner of the shop was notified by my husband, myself and the law. He was given a copy of the police report and he assured me the bicycle could not and would not be sold because when the thief was picked up he would have to appear at the hearing with the stolen merchandise. I have just learned that the owner of the pawnshop sold my vintage bicycle. What can I do?
1 ANSWER
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The pawn shop may be liable for the fair market value of the goods sold. You can attempt to negotiate a settlement with the owner of the pawnshop.
Also, you should bear in mind that even a bona fide purchaser cannot acquire good legal title to stolen goods. The pawn shop will probably have a record of the sale. The purchase may possibly be required to disgorge the stolen bicycle.
An attorney can assist you in this matter.
Answered on Jun 17th, 2012 at 8:46 PM