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§ 6232. Release of liens

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 12 Pa.C.S.A. Commerce and TradeEffective: December 1, 2014

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 12 Pa.C.S.A. Commerce and Trade (Refs & Annos)
Part V. Consumer Credit (Refs & Annos)
Chapter 62. Motor Vehicle Sales Finance (Refs & Annos)
Subchapter C. Installment Sale Contracts
Effective: December 1, 2014
12 Pa.C.S.A. § 6232
§ 6232. Release of liens
Currentness
(a) Duty of holder.--Upon payment in full of the time balance and other amounts lawfully due under an installment sale contract, a holder shall perform the following:
(1) Upon request, return to the buyer all instruments in the form maintained by the holder, except those filed or recorded with a public official and retained in the files of the official, which:
(i) evidence the buyer's indebtedness or constitute security under the contract; and
(ii) were signed by the buyer or the buyer's surety or guarantor, in conjunction with the contract.
(2) Specify on the instruments under paragraph (1) that the buyer's obligation has been paid in full.
(3) Release all security interests in the motor vehicle or collateral security for the obligation of the buyer under the contract.
(4) Deliver to the buyer any assignments and documents of title as may be necessary to vest the buyer with complete evidence of title.
(b) Delivery of certificate of title.--The certificate of title for the motor vehicle shall be delivered to the buyer within ten days of the date of tender of payment in full by mail or other arrangements made between the buyer and holder.

Credits

2013, Nov. 27, P.L. 1081, No. 98, § 4, effective in one year [Dec. 1, 2014].
12 Pa.C.S.A. § 6232, PA ST 12 Pa.C.S.A. § 6232
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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