New Hampshire Revised Statutes 361-A:10-c – Lien Payoff on Motor Vehicles Accepted in Trade
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I. When a person enters into a retail transaction where a consumer trades in or sells a vehicle that is subject to a lien, the person shall, within 21 calendar days of the date of sale, remit payment to the lien holder to pay off the lien on the traded-in or sold motor vehicle, unless the underlying contract has been rescinded before expiration of 21 calendar days.
II. In this section, the term “date of sale” shall be the date the parties entered into the transaction as evidenced by the date written in the contract executed by the parties, or the date the person took possession of the traded-in or sold vehicle. In the event the date of the contract differs from the date the person took possession of the traded-in vehicle, the “date of sale” shall be the date the person took possession of the traded-in vehicle.
II. In this section, the term “date of sale” shall be the date the parties entered into the transaction as evidenced by the date written in the contract executed by the parties, or the date the person took possession of the traded-in or sold vehicle. In the event the date of the contract differs from the date the person took possession of the traded-in vehicle, the “date of sale” shall be the date the person took possession of the traded-in vehicle.
Terms Used In New Hampshire Revised Statutes 361-A:10-c
- Contract: A legal written agreement that becomes binding when signed.
- contract: means an agreement pursuant to which the title to, the property in, or a lien upon the motor vehicle, which is the subject matter of a retail installment transaction, is retained or taken by a sales finance company indirectly from a retail seller or directly from a retail buyer, as security, in whole or in part, for the retail buyer's obligation. See New Hampshire Revised Statutes 361-A:1
- Lien: A claim against real or personal property in satisfaction of a debt.
- Motor vehicle: means any device propelled or drawn by any power other than muscular power, in, upon or by which any person or property is or may be transported or drawn upon a highway, excepting power shovels, road machinery, buses, agricultural machinery, house and boat trailers, all-terrain vehicles, snowmobiles, and similar recreational vehicles designed primarily for off-road use. See New Hampshire Revised Statutes 361-A:1
- Person: means an individual, partnership, corporation, association, and any other group however organized. See New Hampshire Revised Statutes 361-A:1