Maine § 29-A §705 Release of security interest

Maine Statutes

§ 29-A §705 — Release of security interest

Maine·Title 29-A MOTOR VEHICLES AND TRAFFIC·Ch. 7 TITLE TO VEHICLES

1.Release on satisfaction. Upon satisfaction of the security interest of the lienholder, the lienholder shall, within 14 days of receipt of funds intended to satisfy the security interest of the lienholder, execute a release of the security interest in the space provided on the certificate. The lienholder shall:

2.Prior lienholder. If the certificate of title, certificate of salvage or certificate of lien is in the possession of a prior lienholder, the satisfied lienholder shall execute a release and deliver it to the owner or to a person who delivers to the lienholder an authorization from the owner to receive the release.

3.Assumed release of lien. Except for liens on manufactured housing, the Secretary of State, at the Secretary of State's discretion, may assume that any lien with a

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1.
Release on satisfaction.
Upon satisfaction of the security interest of the lienholder, the lienholder shall, within 14 days of receipt of funds intended to satisfy the security interest of the lienholder, execute a release of the security interest in the space provided on the certificate. The lienholder shall:
2.
Prior lienholder.
If the certificate of title, certificate of salvage or certificate of lien is in the possession of a prior lienholder, the satisfied lienholder shall execute a release and deliver it to the owner or to a person who delivers to the lienholder an authorization from the owner to receive the release.
3.
Assumed release of lien.
Except for liens on manufactured housing, the Secretary of State, at the Secretary of State's discretion, may assume that any lien with a lien date more than 66 months old has been satisfied as provided in this subsection. The Secretary of State shall provide notice to the lienholder by both regular mail and certified mail, return receipt requested, that the lien will be assumed to be satisfied unless the lienholder objects in writing within 30 days of either receipt of the notice, as evidenced by the return receipt, or 45 days of mailing by the Secretary of State in the event the lienholder refuses delivery of the notice by certified mail. The notice must identify the vehicle by year, make, model and vehicle identification number and must include the date of the lien and the name of the owner as of the date of the lien.
4.
Remedies.
The remedies set forth in this section are in addition to those set forth in section 668.
5.
Manufactured housing or tiny home.
This subsection governs satisfaction of a security interest in manufactured housing or a tiny home.
6.
Failure to satisfy security interests.
If a licensed dealer takes a vehicle in trade on the purchase of another vehicle and there is an outstanding security interest, the licensed dealer shall satisfy all outstanding security interests within 10 days.

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Legislative History

PL 1993, c. 683, §A2 (NEW). PL 1993, c. 683, §B5 (AFF). PL 1995, c. 482, §A16 (AMD). PL 1997, c. 776, §27 (AMD). PL 2001, c. 671, §16 (AMD). PL 2003, c. 240, §§2,3 (AMD). PL 2003, c. 295, §1 (AMD). PL 2005, c. 678, §11 (AMD). PL 2005, c. 678, §13 (AFF). PL 2009, c. 435, §13 (AMD). PL 2011, c. 356, §17 (AMD). PL 2019, c. 650, §9 (AMD).