Also that all the pledges gtaken by the juries by the order of the aldermen shall be sold in public assembly, being previously warned the owner of the said pledges. And if, within the legal term, after the auction of the pledges, [the owner of the pledge] did not redeem and rescue it, the owner shall loose the right to rescue the house or pledge that were sold, and the auctioner [shall remain] with absolute property and right on it.