Terms Used In New Jersey Statutes 39:10-10

  • Buyer: includes purchaser, debtor, lessee, bailee, transferee, and any person buying, attempting to buy, or receiving a motor vehicle subject to a security interest, lease, bailment or transfer agreement, and their legal successors in interest. See New Jersey Statutes 39:10-2
  • Certificate of ownership: means the document issued in conformance with this chapter, certifying ownership of a motor vehicle, other than manufacturer's or importer's certificate of origin. See New Jersey Statutes 39:10-2
  • Contract: A legal written agreement that becomes binding when signed.
  • Contract: means conditional sale agreement, bailment, lease, chattel mortgage, trust receipt or any other form of security or possession agreement executed prior to January 1, 1963, wherein and whereby possession of a motor vehicle is delivered to the buyer and title therein is to vest in the buyer at a subsequent time upon the payment of part or all of the price, or upon the performance of any other condition or happening of any contingency, or upon the payment of a sum substantially equivalent to the value of the motor vehicle, by which contract it is agreed that the buyer is bound to become, or has the option of becoming, the owner of the motor vehicle upon full compliance with the terms of the contract. See New Jersey Statutes 39:10-2
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Person: includes natural persons, firms or copartnerships, corporations, associations, or other artificial bodies, receivers, trustees, common law or statutory assignees, executors, administrators, sheriffs, constables, marshals, or other persons in representative or official capacity, and members, officers, agents, employees, or other representatives of those hereinbefore enumerated. See New Jersey Statutes 39:10-2
  • Secured party: means a lender, seller or other person in whose favor there is a security interest. See New Jersey Statutes 39:10-2
  • Security agreement: means an agreement which creates or provides for a security interest in a motor vehicle. See New Jersey Statutes 39:10-2
  • Security interest: means an interest in a motor vehicle which secures payment or other performance of an obligation. See New Jersey Statutes 39:10-2
  • Seller: means manufacturer, dealer, lessor, bailor, transferor with or without a security interest, and any other person selling, attempting to sell, or delivering a motor vehicle, and their legal successors in interest. See New Jersey Statutes 39:10-2
When the contract or terms of the security agreement noted on the certificate of origin, or certificate of ownership have been performed the seller or secured party shall deliver to the buyer the certificate of ownership thereto, executed as provided in this chapter, with proper evidence of satisfaction of the contract or termination of the security interest. Within 15 days after the performance of the contract or termination of the security interest, the seller or secured party shall file with the director a notice, in such form as the director shall prescribe, containing evidence of such performance or termination. The director shall thereupon cause a notation to be made on his records of certificate of ownership of the motor vehicle that the contract has been satisfied or the security interest terminated.

Any person violating the provisions of this section shall pay a fine of $25.00.

Amended by L.1939, c. 270, p. 692, s. 1; L.1946, c. 136, p. 627, s. 6; L.1951, c. 295, p. 1075, s. 1; L.1961, c. 122, p. 736, s. 4.