Pennsylvania § 6314 Acknowledgment of payment in full

Pennsylvania Statutes

§ 6314 — Acknowledgment of payment in full

Pennsylvania·Title 12 COMMERCE AND TRADE·Part PART V·Ch. 63 GOODS AND SERVICES INSTALLMENT SALES·Subch. GENERAL PROVISIONS

Upon a buyer's request and after the payment of all sums for which the buyer is obligated under a closed-end credit agreement or an open-end credit agreement, the holder shall deliver or mail to the buyer at the buyer's last known address an instrument that:

(1)Acknowledges that the obligation of the buyer under the agreement has been paid in full.

(2)Releases all security in the goods under the agreement.

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Upon a buyer's request and after the payment of all sums for which the buyer is obligated under a closed-end credit agreement or an open-end credit agreement, the holder shall deliver or mail to the buyer at the buyer's last known address an instrument that:

(1) Acknowledges that the obligation of the buyer under the agreement has been paid in full.

(2) Releases all security in the goods under the agreement.

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