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§ 12-617. Receipt; notice of assignments

West's Annotated Code of MarylandCommercial Law

West's Annotated Code of Maryland
Commercial Law
Title 12. Credit Regulations
Subtitle 6. Retail Installment Sales (Refs & Annos)
Part II. Installment Sales
MD Code, Commercial Law, § 12-617
§ 12-617. Receipt; notice of assignments
Currentness
(a)(1) If a payment is made on account of an agreement, the person receiving the payment shall give the buyer on his request, or, if payment is made in cash, without request, a complete written receipt for the payment.
(2) If the buyer specifies that the payment is made on one of several obligations, the receipt shall so indicate. However, this provision does not affect the allocation of payments under an add-on contract pursuant to § 12-618 of this subtitle.
(b)(1) Unless a written notice of actual or intended assignment of an agreement is given to the buyer, he may pay or tender any amount due under the agreement or give any notice required by the agreement or this subtitle to the last known holder of the agreement.
(2) A payment, tender, or notice so given is binding on any subsequent holder or assignee as fully as if made to him.

Credits

Added by Acts 1975, c. 49, § 3, eff. July 1, 1975.
Formerly Art. 83, § 136.
MD Code, Commercial Law, § 12-617, MD COML § 12-617
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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