Singapore legislation
Clause 61
Clause 61
Forfeiture and effect
(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.