Redemption of pledge

Redemption of pledge.―

1. (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 seven days of grace within which every pledge (if not redeemed within the period of redemption) shall continue to be redeemable.
2. (2) A pledge 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 subsections
3. (1) and
4. (2) of this section and sub-section
5. (1) of section 9F 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.