It is not disputed that the three transactions of Debtors with Cash America are governed by the Texas Pawnshop Act

It is not disputed that the three transactions of Debtors with Cash America are governed by the Texas Pawnshop Act

The bankruptcy court cited a regulation promulgated by the Consumer Credit Commissioner who was given authority by the Texas Legislature to «make regulations necessary for the enforcement of this [Texas Pawnbroker] Act and consistent with all its provisions

Appellant, Cash America, argues that when the goods were «pawned,» the Debtors gave their property in exchange for a contractual right to redeem the property by *421 paying a fixed amount within a specified time. It asserts that it is this contractual right, rather than the property itself, that became property of the estate, and that since Debtors never exercised that right, the title to the property passed to the pawnbroker at the end of payday loans bad credit online Tennessee the statutory sixty day redemption period, regardless of the filing of the bankruptcy petition. Debtors argue that since Cash America, in its pleadings and stipulation, has asserted the status as a secured claimant, it is estopped from arguing that the pawned property was not part of the bankruptcy estate.

Tex.Rev. Civ. Stat. art. 5069-(a) (7) (Vernon Supp. 1996). It is also agreed that the initial maturity date, which occurred one month after each loan was made, had expired and that the sixty day grace period was in effect on the Petition Date. (далее…)