New South Wales Consolidated Acts

PAWNBROKERS AND SECOND-HAND DEALERS ACT 1996 - SECT 29C

29C Simultaneous discharge of pawn agreement and re-pawning of goods

(1) Nothing in this Part prevents the parties to a pawn agreement in relation to any goods from agreeing to discharge the pawn agreement and simultaneously to enter into a new pawn agreement in relation to the same goods or any of the goods.

(2) If a new pawn agreement is entered into as referred to in subsection (1):

(a) the goods are regarded as having been redeemed under the discharged agreement, and

(b) the pawnbroker is regarded as having again taken possession of the goods (in so far as they are covered by the new agreement) under the new agreement when it is entered into.