(2)On a declaration in the prescribed form from the pawner that the right to redeem the pledge has been transferred to, or is vested in some other person and on a declaration from that other person that he is in possession of the pawn ticket and that he is entitled to redeem the pledge, the pawnbroker shall cause an endorsement to be made on the pawn ticket that the holder thereof is such other person, and shall cause the necessary entry to be made in the pledge book and, thereafter, the former person's right to redeem shall be extinguished and such other person shall be deemed to be the pawner for the purposes of this section.
