342.22 Release of security interest.

199 words·~1 min read·/wi/chapter-342/342-22

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

(1)Within one month or within 10 days following written demand by the debtor after there is no outstanding obligation and no commitment to make advances, incur obligations or otherwise give value, secured by the security interest in a vehicle under any security agreement between the owner and the secured party, the secured party shall mail or deliver the certificate of title for the vehicle to the department if the secured party is in possession of the certificate and shall also do one of the following:

(a)If the secured party is an individual or a person exempted by rule under s. 342.245

(3), execute and deliver to the owner, as the department prescribes, a release of the security interest in the form and manner prescribed by the department and a notice to the owner stating in no less than 10-point boldface type the owner’s obligation under sub.

(2). If the secured party fails to execute and deliver the release and notice of the owner’s obligation as required by this paragraph, the secured party is liable to the owner for $25 and for any loss caused to the owner by the failure.