Singapore legislation
Section 54
Section 54
Time for redeeming pledge
(1)
A pledge can be redeemed —
(a)
at any time during the redemption period; and
(b)
at any time after the end of the redemption period but before the pledge is forfeited.
(2)
Subject to subsection (3), the redemption period is 6 months after the date on which the pledge was made, or any longer period that the parties may agree in the loan agreement or in a subsequent agreement.
(3)
Where the redemption period under subsection (2) ends on a day when the pawnbroker is closed for business —
(a)
the redemption period is extended to the next day the pawnbroker is open for business; and (b)the pawnbroker must not charge any further profit or fee if a pledge is redeemed on the day mentioned in paragraph (a).