Redemption of pledge

(1) Every pledge shall be redeemable within one year from the day of pawning exclusive of that day; and there shall be added to that year of redemption fifteen days of grace within which every pledge (if not redeemed within the period of redemption) shall continue to be redeemable. (2) A pledge pawned for a sum not exceeding two thousand rupees, if not redeemed within the period of redemption and days of grace, shall at the end of the days of grace become the pawnbroker’s absolute property. (3) A pledge pawned for a sum exceeding two thousand rupees shall further continue to be redeemable until it is disposed of as provided in this Act, although the period of redemption and days of grace have expired. Explanation.—Where the contract between the parties provides a longer period for redemption than one year, the provisions of sub-sections (1), (2) and (3) shall be read and construed as if references to such longer period had been substituted for the references to the period of one year therein.