Part VIII Security
Pledges
120 Consequence of failure to redeem. C1
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
F1i
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 ”.