Arkansas § 27-101-1024 Release of lien by lienholder - Disclosure of information - Definition

Arkansas Statutes

§ 27-101-1024 — Release of lien by lienholder - Disclosure of information - Definition

(a)As used in this section, "final payment" means an item is paid when a payee bank or person has:

(1)Paid for the item in cash;

(2)Settled for the item without having a right to revoke the settlement under statute, clearinghouse rule, or agreement; or (3) Made a provisional settlement for the item and failed to revoke the settlement in the time and manner permitted by statute, clearinghouse rule, or agreement.

(b)For purposes of this section, a lien or encumbrance is satisfied when the lienholder receives final payment.

(c)(1) Upon the satisfaction of any lien or encumbrance on a motorboat for which the certificate of title is in the possession of the lienholder, the lienholder shall within ten (10) business days from the date of receipt of final payment execute a release of the lien

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(a) As used in this section, "final payment" means an item is paid when a payee bank or person has: (1) Paid for the item in cash; (2) Settled for the item without having a right to revoke the settlement under statute, clearinghouse rule, or agreement; or (3) Made a provisional settlement for the item and failed to revoke the settlement in the time and manner permitted by statute, clearinghouse rule, or agreement. (b) For purposes of this section, a lien or encumbrance is satisfied when the lienholder receives final payment. (c) (1) Upon the satisfaction of any lien or encumbrance on a motorboat for which the certificate of title is in the possession of the lienholder, the lienholder shall within ten (10) business days from the date of receipt of final payment execute a release of the lien or encumbrance in the space provided in the certificate of title, or as the Office of Motor Vehicle prescribes, and mail or deliver the certificate of title and the release of lien or encumbrance to the next lienholder named in the certificate of title or, if none, to the owner or to any person who delivers to the lienholder an authorization from the owner to receive the certificate of title. (2) Upon the satisfaction of a lien or encumbrance on a motorboat for which the certificate of title is in the possession of a prior lienholder, the lienholder whose lien or encumbrance is paid in full shall within ten (10) business days of receipt of final payment execute a release of lien or encumbrance in the form the Office of Motor Vehicle prescribes and deliver the release of lien or encumbrance to the owner or to any person who delivers to the lienholder an authorization from the owner to receive it. (d) A lienholder named in a certificate of title shall upon written request of the owner or of another lienholder named on the certificate of title disclose any pertinent information as to his or her security agreement and the indebtedness secured. (e) (1) A lienholder who fails to comply with subsection (c) of this section shall pay to the person or persons satisfying the lien or encumbrance twenty-five dollars ($25.00) for the first five (5) business days after expiration of the time period prescribed in subsection (c) of this section, and the payment shall double for each five (5) days thereafter in which there is continued noncompliance, up to a maximum of five hundred dollars ($500) for each lien. (2) If delivery of the certificate of title is by mail, the delivery date is the date of the postmark for purposes of this subsection.

Arkansas § 27-101-1024 (Release of lien by lienholder - Disclosure of information - Definition) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.