Queensland Consolidated Acts

SECOND-HAND DEALERS AND PAWNBROKERS ACT 2003 - SECT 62

62 If property is not redeemed within the redemption period

(1) Subsection (2) applies if—

(a) a pawnbroker has advanced an amount less than $40, or a higher amount prescribed under a regulation, for property taken by the pawnbroker as a pawn; and

(b) the property has not been redeemed before the redemption period for the property expires.

(2) On expiry of the redemption period, the property becomes the property of the pawnbroker and the person who pawned the property loses all claim to the property.

(3) Subsection (4) applies if—

(a) a pawnbroker has advanced an amount that is at least $40, or a higher amount prescribed under a regulation, for property taken by the pawnbroker as a pawn; and

(b) the property has not been redeemed before the redemption period for the property expires.

(4) On expiry of the redemption period, the pawnbroker may sell the property free of any claim by the person who pawned the property.