Commentary on Sections Part 2 – Security over Moveable Property Enforcement of pledge Section 63 – The expression “pledge” in sections 64 to 77
284.Sections 64 to 77 set out a statutory framework for the enforcement of both possessory and statutory pledges.
285.This section provides that the expression “pledge” for the purposes of those sections does not include a pledge as defined in section 189(1) of the Consumer Credit Act 1974. The effect is that a 1974 Act pledge (described in that Act as a ‘pawn’) falls to be enforced under the enforcement regime in respect of loans by pawnbrokers in that Act.