7712.9 - Satisfaction of security interest. - Pennsylvania Statutes

§ 7712.9. Satisfaction of security interest. (a) Satisfaction of secured obligation.--Unless otherwise agreed by the owner, within 15 days of the satisfaction of the obligation secured by a security interest in a snowmobile or ATV, the secured party shall mail or deliver the certificate of title to the owner or to the department with a statement of satisfaction signed by the secured party. Upon receipt of the certificate of title and statement of satisfaction, the department shall issue a corrected certificate of title without an indorsement of such secured party's security interest and mail the same to the holder of the first remaining security interest or, if there is no remaining security interest, the owner. (b) Satisfaction of subordinate secured obligation.--If the certificate of title for a snowmobile or ATV is in the possession of a prior secured party, the subordinate secured party whose obligation is satisfied shall mail or deliver to the owner a signed statement of satisfaction in accordance with subsection (a). Upon request of the owner and receipt of the statement of satisfaction, the secured party in possession of the certificate of title shall mail or deliver the certificate of title, together with the statement of satisfaction, to the department. Upon receipt of the certificate of title and evidence of satisfaction, the department shall issue a corrected certificate of title without an indorsement of the satisfied security interest and mail the same to the prior secured party. (c) Penalties.--Any person violating the provisions of this section commits a summary offense and shall, upon conviction, be sentenced to pay a fine of $50. (June 8, 2001, P.L.123, No.18, eff. July 1, 2001; June 25, 2001, P.L.701, No.68, eff. 120 days) 2001 Amendments. Act 18 added section 7712.9 and Act 68 amended the entire section. Cross References. Section 7712.9 is referred to in section 7712.11 of this title.