§ 12-618. Add-on contracts
West's Annotated Code of MarylandCommercial Law
MD Code, Commercial Law, § 12-618
§ 12-618. Add-on contracts
(a) In this section, “add-on contract” means an installment sale agreement which allows the inclusion in it of additional goods subsequently purchased and under which the amount due on the subsequent purchase is combined with an unpaid balance on any prior purchase so as to permit the seller to retain a security interest in all goods under that agreement.
(c)(1) If a payment is made on an add-on contract after an additional purchase is added, the payment is considered as applied to each of the separate purchases in the same proportion which the cash price of each purchase bears to the total cash price of all goods in which the seller retains a security interest.
Credits
Added by Acts 1975, c. 49, § 3, eff. July 1, 1975.
Formerly Art. 83, § 137.
MD Code, Commercial Law, § 12-618, MD COML § 12-618
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.
End of Document |