§1783.  Nature of the pawn transaction

The pawn transaction constitutes a service and vests the pawnbroker with the right of causing the debt to be satisfied by privilege and in preference to all other creditors, secured and unsecured, perfected or not.  The pawnbroker can be compelled to return the security only when he has received the whole payment of the principal as well as the interest, service charges, and costs.  A pawn transaction shall be considered a loan.

Acts 1993, No. 391, §1, eff. Sept. 1, 1993; Acts 1997, No. 235, §1.