(1)If at the end of the redemption period the pawn has not been redeemed—
(a)notwithstanding anything in section 113, the property in the pawn passes to the pawnee where the redemption period is six months and the pawn is security for fixed-sum credit not exceeding [F1£25]or running-account credit on which the credit limit does not exceed [F1£25]; or
(b)in any other case the pawn becomes realisable by the pawnee.
(2)Where the debtor or hirer is entitled to apply to the court for a time order under section 129, subsection (1) shall apply with the substitution, for “at the end of the redemption period ” of “after the expiry of five days following the end of the redemption period ”.
Textual Amendments
F1Amount “£25 ” substituted by S.I. 1983/1571, art. 4, Sch. Pt. II (which S.I. was revoked (1.5.1998) by S.I. 1998/997, art. 2)
Modifications etc. (not altering text)
C1S. 120 excluded by Banking Act 1979 (c. 37, SIF 10), s. 38(2)