538.16  Secondhand dealers; disposal of property.--

(1)  Any personal property pawned with a pawnbroker, whether the pawn is a loan of money or a buy-sell agreement or a motor vehicle which is security for a title loan, is subject to sale or disposal if the pawn is a loan of money and the property has not been redeemed or there has been no payment on account made for a period of 90 days, or if the pawn is a buy-sell agreement or if it is a title loan and the property has not been repurchased from the pawnbroker or the title redeemed from the title lender or there has been no payment made on account within 60 days.

(2)  Every pawn ticket and receipt for such pawn shall have printed thereon notice of the provisions of subsection (1), notice of sale or disposal, notice of intention to sell or dispose of the property without further notice, and consent to sale or disposal. Any such sale or disposal shall terminate all liability of the pawnbroker and shall vest in the purchaser the right, title, and interest of the seller or borrower and the pawnbroker.