45-368. Installment sales contract; subsequent purchases; consolidate with previous contract; requirements.

355 words·~2 min read·/ne/chapter-45/45-368

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Where a buyer makes any subsequent purchases of goods or services from a seller from whom such buyer has previously purchased goods or services under one or more installment sales contracts and the amounts under such contract or contracts to the extent of cash sale price thereof have not been fully paid, the subsequent purchases may be included in and consolidated with one or more of the prior contract or contracts. A memorandum of such additional purchases shall be prepared by the seller and inserted in or attached to the seller's counterpart of the contract and shall set forth:

(a)The names of the seller and the buyer and a description of the additional goods or services sold and all the information with respect to the additional purchase required by section 45-364 to be included in an installment sales contract;

(b)The consolidated time-price balance to be paid by the buyer; and

(c)The revised payments.

(2)A copy of such memorandum shall be delivered to the buyer as provided in and subject to section 45-364 . When such subsequent purchases are made, the entire amount of all payments made prior to such subsequent purchases shall be deemed to have been applied on previous purchases.

(3)Each payment thereafter made on a consolidated installment sales contract shall be deemed to be allocated to all of the various purchases in the same ratio or proportion as the original cash sale prices of the various purchases bear to one another. Where the amount of each deferred payment is increased in connection with such subsequent purchase, the subsequent payments, at the seller's option, may be deemed to be allocated as follows: An amount equal to the original installment payment to the previous purchase, the balance to the subsequent purchase. The amount of any initial payment or downpayment on the subsequent purchase shall be allocated in its entirety to such subsequent purchase. This section shall not apply to cases involving equipment, parts, or other merchandise attached or affixed to goods previously purchased, or to repairs or services in connection therewith rendered by the seller at the buyer's request.