§ 1135. Satisfaction of security interest
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 75 Pa.C.S.A. VehiclesEffective: July 1, 2001
Effective: July 1, 2001
75 Pa.C.S.A. § 1135
§ 1135. Satisfaction of security interest
(2) The owner may mail or deliver the certificate of title with proper evidence of satisfaction of the security interest to the department which shall issue a corrected certificate of title without a statement of liens or encumbrances. The corrected certificate of title may also be issued when the outstanding certificate of title cannot be returned and proper evidence is produced that all recorded security interests have been satisfied.
(1) If the lienholder whose security interest is satisfied has possession of the certificate of title, the lienholder shall mail or deliver the certificate of title, immediately upon satisfaction, to the department with proper evidence of satisfaction and release of the security interest. A corrected certificate of title, containing a statement of the remaining security interests on record, shall be mailed by the department to the person holding the next lien upon the vehicle.
(2) Upon the satisfaction of a security interest in a vehicle for which the certificate of title is in the possession of a prior lienholder, the lienholder whose security interest is satisfied shall, immediately upon satisfaction, mail or deliver to the owner proper evidence of the satisfaction and release of the security interest. Upon request of the owner and receipt of the release, the lienholder in possession of the certificate of title shall mail or deliver the certificate of title together with the release to the department. The department shall issue a corrected certificate of title which shall be mailed to the first lienholder.
Credits
1976, June 17, P.L. 162, No. 81, § 1, eff. July 1, 1977. Amended 2001, June 8, P.L. 123, No. 18, § 23.2, effective July 1, 2001.
75 Pa.C.S.A. § 1135, PA ST 75 Pa.C.S.A. § 1135
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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