Pennsylvania § 6333 Applicability and effect of subchapter

Pennsylvania Statutes

§ 6333 — Applicability and effect of subchapter

Pennsylvania·Title 12 COMMERCE AND TRADE·Part PART V·Ch. 63 GOODS AND SERVICES INSTALLMENT SALES·Subch. OPEN-END CREDIT AGREEMENTS

(a)Security interest.--This subchapter does not prohibit the execution of an agreement between a buyer and seller whereby the seller retains a security interest in goods sold to the buyer until full payment has been made.

(b)Allocation.--Section 6329(b) (relating to add-on sales) governs goods sold under an agreement under subsection (a).

(c)Notes; third party rights.--An open-end credit agreement may not require or entail the execution of a note by the buyer that when separately negotiated will eliminate as to a third party a right of action or defense that the buyer may have against the seller.

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(a) Security interest.--This subchapter does not prohibit the execution of an agreement between a buyer and seller whereby the seller retains a security interest in goods sold to the buyer until full payment has been made.

(b) Allocation.--Section 6329(b) (relating to add-on sales) governs goods sold under an agreement under subsection (a).

(c) Notes; third party rights.--An open-end credit agreement may not require or entail the execution of a note by the buyer that when separately negotiated will eliminate as to a third party a right of action or defense that the buyer may have against the seller.

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