In force2020 Revised EditionCurrent version · 2020 Revised EditionSee versions on Singapore Statutes Online(opens the publisher’s site)
Pawnbrokers Act 2015 · 2020 Revised Edition · Part 3 · Rights and Obligations When Goods Are Pawned
61. Forfeiture and effect
Feedback & support(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.
pledge
Defined · s 3
“pledge” means goods that are taken into possession by a lender of money as security for the repayment of a loan.
(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.