Civil Code Article 899-2
This English translation was last updated on 2021-01-20, but the Chinese text was amended on 2026-08-17. Later amendments may not be reflected in the translation — please refer to the Chinese text.
A pledgee that has received approval to engage in the business of taking pledges may exercise its rights only against the things pledged. If a pledgor does not redeem the thing pledged within five days after the expiration of the period for redemption, the pledgee obtains ownership of the thing pledged, and the claim that it secures is thereupon extinguished.The provisions of Articles 889 to 895, Article 899, and Article 899-1 do not apply to pledges referred to in the preceding paragraph.