Current through Pa Acts 2024-53, 2024-56 through 2024-92
Section 630 - Executed contracts; release of liensA. Upon payment in full of the time balance and other amounts lawfully due under an installment sale contract the holder shall: 1. Return to the buyer all instruments evidencing indebtedness or constituting security under an installment sale contract, which were signed by the buyer or his sureties or guarantors in conjunction with such contract, excepting such instruments as are filed or recorded with a public official and retained in the files of such official, and2. Release all security interest in the motor vehicle or in collateral security to the obligation of the buyer under such contract, and3. Deliver to the buyer such good and sufficient assignments and documents of title as may be necessary to vest the buyer with complete evidence of title.B. When the final payment on an installment sale contract is made in cash, money order or equivalent tender by the buyer, or his authorized representative, at the designated licensed office of the holder, the certificate of title, showing satisfaction of this encumbrance, shall be delivered at the time of such tender of payment, if demanded by the buyer, otherwise delivery may be made at a later date in person or by mail as may be arranged between buyer and holder, all other instruments shall be delivered or mailed to the buyer within fifteen (15) days of the date of final payment.1947, June 28, P.L. 1110, § 30.