397. Goods held as security.

397.     Goods held as security.

Where any goods comprised in the bankrupt's estate1 are held by any person by way of pledge, pawn or other security and no notice has been served in respect of those goods by the official receiver2, the trustee may serve such a notice in respect of the goods; and, whether or not a notice has been served3, the trustee may, if he thinks fit, exercise the bankrupt's right of redemption in respect of any such goods4.