New Hampshire Revised Statutes 261:27 – Release of Security Interest
Current as of: 2023 | Check for updates
|
Other versions
I. Upon the satisfaction of a security interest in a vehicle for which the certificate of title is in the possession of the lienholder, he shall, within 10 days after demand and, in any event, within 30 days, execute a release of his security interest, in the space provided therefor on the certificate or as the director prescribes, and mail or deliver the certificate and release to the next lienholder named therein, or, if none, to the owner or any person who delivers to the lienholder an authorization from the owner to receive the certificate. The owner, other than a dealer holding the vehicle for resale, shall promptly cause the certificate and release to be mailed or delivered to the department, which shall release the lienholder’s rights on the certificate or issue a new certificate.
II. Upon the satisfaction of a security interest in a vehicle for which the certificate of title is in the possession of a prior lienholder, the lienholder whose security interest is satisfied shall within 10 days after demand execute a release in the form the director prescribes and deliver the release to the owner or any person who delivers to the lienholder an authorization from the owner to receive it. The lienholder in possession of the certificate of title shall either deliver the certificate to the owner, or the person authorized by the owner, for delivery to the department or, upon receipt of the release, mail or deliver it with the certificate to the department, which shall release the subordinate lienholder’s rights on the certificate or issue a new certificate. If the lienholder does not have the certificate, the lienholder shall, within 7 days of receipt of final payment on the loan, apply for a duplicate title, a copy of which shall be sent to the payor.
II. Upon the satisfaction of a security interest in a vehicle for which the certificate of title is in the possession of a prior lienholder, the lienholder whose security interest is satisfied shall within 10 days after demand execute a release in the form the director prescribes and deliver the release to the owner or any person who delivers to the lienholder an authorization from the owner to receive it. The lienholder in possession of the certificate of title shall either deliver the certificate to the owner, or the person authorized by the owner, for delivery to the department or, upon receipt of the release, mail or deliver it with the certificate to the department, which shall release the subordinate lienholder’s rights on the certificate or issue a new certificate. If the lienholder does not have the certificate, the lienholder shall, within 7 days of receipt of final payment on the loan, apply for a duplicate title, a copy of which shall be sent to the payor.
Terms Used In New Hampshire Revised Statutes 261:27
- Certificate: shall mean :
I. See New Hampshire Revised Statutes 259:9 - Dealer: shall mean a retail vehicle dealer or an auto wholesale dealer. See New Hampshire Revised Statutes 259:18
- Department: shall mean the department of safety of the state of New Hampshire. See New Hampshire Revised Statutes 259:19
- Director: shall mean the director of the division of motor vehicles of the department of safety. See New Hampshire Revised Statutes 259:20
- Lienholder: shall mean a person holding a security interest in a vehicle. See New Hampshire Revised Statutes 259:49
- Owner: shall mean :
I. See New Hampshire Revised Statutes 259:72 - Person: shall mean the same as provided in N. See New Hampshire Revised Statutes 259:74
- Vehicle: shall mean :
I. See New Hampshire Revised Statutes 259:122