(1) The holder for the time being of a pawn-ticket shall, as between the pawner and the pawnbroker, be presumed to be the person entitled to redeem the pledge to which the ticket relates and, accordingly, subject to the provisions of this Act, a pawnbroker shall, on delivery to him of a pawn-ticket and on payment of the loan and interest and any other charges payable under this Act, deliver the pledge to the person tendering the ticket and the pawnbroker shall retain the ticket for a period of not less than one year.

(2) A pawnbroker shall not, except as otherwise provided in this Act, be bound to deliver up a pledge unless the pawn-ticket in respect of it is delivered to him.