Discuss the ways in which a pawn can be redeemed

Discuss the ways in which a pawn can be redeemed

ANSWER

• The pawnor is entitled to redeem the goods pawned within the stipulated time or if no time is fixed, within a reasonable time after demand for payment has been made.
• If the pawnor does not redeem, the pawnbroker has a right to sell the articles pawned, However, any excess obtained by sale must be handed over to the pawnor.
• Every pledge is redeemable within 6 months, with seven days of grace olded.
• After this period, pledges pawned for sixty shillings or less become the property of the pawnbroker.
• A pawn is generally redeemable by payment of the amount due to the Pawnee.