(1) The new pledgee may demand from the previous pledgee the surrender of the pledged item.
(2) Upon obtaining possession, the new pledgee takes the place of the previous pledgee in relation to the duties connected with the pledge that are owed to the pledgor. If they fail to perform the duties, then the previous pledgee is liable for the damage to be compensated for by them in the same way as a surety who has waived the defence of failure to pursue remedies against the principal debtor. The liability of the previous pledgee does not come into existence if the claim passes to the new pledgee by operation of law or is assigned to them on the basis of a statutory obligation.