17:16C-52. Payment in full of retail installment contract
142 words·~1 min read·
/nj/title-17/chapter-16c/17-16c-52·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
52. Upon payment in full by the retail buyer of the time balance and other amounts lawfully due under a retail installment contract, the holder shall:
(a)Return to the retail buyer either the original instruments evidencing indebtedness or constituting security under a retail installment contract, which were signed by the retail buyer or his sureties or guarantors in conjunction with such contract or a copy thereof, excepting such instruments as are filed or recorded with a public official and retained in the files of such official;
(b)Release all security interest in the goods or in any collateral security to the obligation of the retail buyer under such contract;
(c)Deliver to the retail buyer such good and sufficient assignments and certificates of title as may be necessary to vest the retail buyer with complete evidence of title.
L.1960,c.40,s.52; amended 1995,c.33,s.2.