§ 6260. Sale of motor vehicle after repossession
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 12 Pa.C.S.A. Commerce and TradeEffective: December 1, 2014
Effective: December 1, 2014
12 Pa.C.S.A. § 6260
§ 6260. Sale of motor vehicle after repossession
(a) Forfeiture.--If the repossessed motor vehicle subject to an installment sale contract is not redeemed by the buyer either by termination or reinstatement of the contract within the 15-day notice of redemption period, the buyer shall forfeit all claim to the motor vehicle and collateral security.
(b) Deficiency.--If the buyer does not redeem the repossessed motor vehicle within the 15-day notice of redemption period, the installment seller or holder may not bring an action or proceeding against the buyer for a deficiency under section 6261 (relating to deficiency judgment) unless there has been a public or private sale of the repossessed motor vehicle and collateral security.
Credits
2013, Nov. 27, P.L. 1081, No. 98, § 4, effective in one year [Dec. 1, 2014].
12 Pa.C.S.A. § 6260, PA ST 12 Pa.C.S.A. § 6260
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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