(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
[F1(i)the redemption period is six months,
(ii)the pawn is security for fixed-sum credit not exceeding £75 or running-account credit on which the credit limit does not exceed £75, and
(iii)the pawn was not immediately before the making of the regulated consumer credit agreement a pawn under another regulated consumer credit agreement in respect of which the debtor has discharged his indebtedness in part under section 94(3); 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
F1Words in s. 120(1)(a) substituted (1.2.2011) by The Consumer Credit (EU Directive) Regulations 2010 (S.I. 2010/1010), regs. 35, 99(1) (with regs. 100, 101)
Modifications etc. (not altering text)
C1S. 120 excluded by Banking Act 1979 (c. 37, SIF 10), s. 38(2)