Pawnbrokers Act 2015 s 61

s 61 Forfeiture and effect

61.—(1) A pledge is forfeited one month after the pawnbroker serves a notice of forfeiture in accordance with sections 62 and 63, unless it is earlier redeemed. (2) When a pledge is forfeited —(a) the pledge becomes the pawnbroker’s absolute property; and (b) the loan and any profit secured on the pledge are deemed to be fully repaid.

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