E:zF Katz - The Pennsylvania General Assembly

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LEGISLATIVE JOURNALHOUSE June 8, the requirements of sectirin 7309 (relating to junking of Lessors may authorize fleet owners to make application vehicles va1uele;s except for junk). exce~t that the re- 1 for certificates of title for leased vehicles for periods of port to the dcpartmt.nt that the vehicle
LEGISLATIVE JOURNAL-HOUSE (2) :f the security interest was perfected under the lavr (2) The ownw may mail or delivcr the certificate of of the jurisdiction wherc the vehicle was located when Gtle with proper evidence of satisfaction of the security the security interest attached, thc following r~iles apply: interest to the depnrtmmt which shall issue a corrected (il If the name of the lienholder is shown on an certificate of title without a statement of liens or encumexislinq certificate of title issued by the jurisdiction, hrances. The corrected certificati! of title may also be the security interest continues perirmted in this Com issued when the ontst.anding certificate cannot be remonmcalth. turned and proper evidence is produced that all recorded (ii) If the namr of the li~nholder is not shown an s~~c~ll~it:~ interests have her17 satisfi~d. an existing certiiirate of title iss~ied by thn: itlris- (h) Prior or subsequent liens.-Where there are suhsediction, the security interest continues perfected in (iilcnt Iierls upon a vehi-le or tk.2 lien to he released is this Cnmmonwealtb for four months aftcr a first, 110t :t first lien, the following rclrs apply npon the satiscrrtificaic of title of the vehicle is isslled in this fadion of n securitv intrrest in the vehicle: Conimonwralth, and, thcrt,after if. within the foilr- (1) If the lienhol~lrr whose sfcur;ty inter& is satisfied monlh ljericd, !t is ijerlerted in this Cnmmnnw~a1f.h has possession of the certificate of title, the lienholder The se-urity interest may also hr perfected. in th:s shall mall or delivcr thc rertilicatp of title, immediately Commonwealth after the expiration nf the four-month 11P"n satisfaction, to the department, with proper evidencr period in which case perfection dates from the time 0; satisfaction and release 111 tho sec~~rity intereqt. A of perfection in this Commonwealth. corrected certificate of title, conf.ainin a statement of (3) If the security interest was not ivi.fectcd ondcr the 'cmaininir security interests cn record, shall he mailthe law of the jurisdiction wherr ihp vi,hicle waq lnrstprl rd hi- lilt Plrtment to the person holding t!ie next lien whpn the security interest attached, it may he perfected llpon the vchille. in this Commonweallh in which case !~crfcctinn datr's (2) Uimn the satisfactio~~ i,f a security intzrest in a from thc time of prrfectir:n in this Commonwealth. vchiclc ffir whirl: the certificate of title is in the pos- (4) A spcurity intcrest may hc i;erfectcrl ilnder pa1.a- 'L'ssinn ol a prior lienholder, thc lienholdcr whose securgraph (2) (ii) or paragraph (3) either as provid~d in sub- l!~ illtc'rcit is satisfied shall, immedintely upon satissecl,ion (h) or h.1 thc lienholdcr deliverin: tr, the denart- f"~ti~n, mail or deliver to the owner prilper evidunce of ment a niilice nl scc~irity jntei-psi in the fnrm the (!qmrt. thi' salisfa?:'lln 2nd releilse of the security interest. Upon ment prescrihes together with the required fee. rcqlirst of the owner and receipt ol the release, the lienhrilder in i?os:'ession of the rertificatc of title sh:rll mail or $ 1133. Creation nf security interest for titlrd 7.-ci-ir1r. cotion il t!ic pcrson deliv~rs the certificate of title (c) Endorsement and delivery of ci.r:ificatc, upon to the dcpartmint within flve days of the satisfaction of receipt of the rertilic-ir oi title. applic:ition ancl the re- c3" lien. qnired fccs, the department shall endrirsr on th? r.?isf.ing ..,~rtificate of title, or ?n a new cr:r?,ific;i:e which it thin I:3G, Duty of lienhr,lder to clisclose pertinent maiion. issues, the name and ao'drejs nf all secured portics and lienholder na,,,ed in a of shall, shn!l mail the ecrlificntu of title to the firs! !icnholdvr named in the rerti'icate. writir,l rt'rlurst oC owner or of anothEr lienholder ?lamed (in tbe certificatc, disclose any pertinent informa- 6 113~. !.ssignmcnt hg licnholiifr or sccllriiy in:crr..t ti"" as to the security agrecmcnt and the indebtedness (a) Gcneral rule.- A lienholdrr may nssign, absolutely "'c'"'ed the agrecnlmt. or ath~rwise, his security interest in the veh;cle to n p?r- ; :;ubr,.z:,ter e..clusive in- :ion othcr than thc ownm without aCfcrting thr interest trrust. of thc owner or the validity of the security intcrcsf b71t ~ h mptilod , any person without notice of the assignment is protected in this subchapter for perfecting and giving notice of security interests is exclusive, in dealing with the lienholder as the holder of thr. sccarity interest and the lienholder remains liablr for g 1138. ~cratio~ of lien on ccrtificnte of title, any obli~?atinns as lienhrllder until the assignee is namrd (a) ~er:'ral ,.uiu.-~ security interest recorded on a ;IS liiinholder on the certificate. certificate of title is effective for a period of five years (b) ntity uf ;is:;ignee.--1hc z~ssiznee shall deliver to r::!iillg frunl the time of perfection as provided for in this the department the ccriificate oi title and an nssignm~nl suhcliapter. by the he~holder namcd in the certifiuate of title- on a (b) Renow,?l o? lien.-The effectiveness of a lien refvrin pres?riherl an6 famished by th? department and :orttcd 'Jn the certificate of titlc lapses on the expiration accomp:inied by the required fee. ol the periods speciricd in subst:ction (a) unless a contilmniicn s!atr-munt is filed within the six n7onths imme- S 1135. Satisfaction of securit.~ interest. diately preceding expiration. The lien may be renewed (a) Ahsrnce of subsequent 1ieili:-Whcre thcre nrc no for as many one.year periods as may he necessary by suhscque~lt liens upon n vrhiclc, thp following n~lei: /the holder "f the security illterest a form furnished spply upon the satisfaction of a security interest in the I , ~ r,,, derarlrnent s,gni.d by t:le srcurt,d party 311d aC. vehicle: I,, ,;~~t~,;i!r:cd . by the . . :fe prwlacd ., in . th:s . tltle. . (!) The o~itstanding certificaie of title sl?a!l hc mailpd (c) Correcii!d certificate when lien ex~ires.-h corc,r delivered immediately to tlic ou.n?: of the vehiclc / rrictccl ccrlificatc of title without a stnterccnt of lirns or with proper evicience of satisfaction and release i:r the ; crrcun~branccs shzll he issued by thc department, upon liei~hnlder may apply for corrected title to be issued in the :eq:ii.st of thr on-ner, when the security intercsts rethe name of the owner. 1 corded on the ccriificate of title have expired.
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SF?. SUBCHAPTER B RECORDS OF TRAFFI
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CHAPTER 71 VEHICLE THEFT AND RELATE
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(b) Judicial review.-Any person who
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June 8, . SUBCHAPTER B for a snowmo
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LEGISLATIVE JOURNAL-HOUSE June 8,
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or in which the hus is most frequen
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LEGISLATIVE JOURNAL-HOUSE 8 8111. V
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LEGISLATIVE JOURNAL--HOUSE committe
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LEGISLATIVE JOURNALHOUSE June 8. up
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LEGISLATIVE JOURNALHOUSE June 8, JO
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5244 LEGISLATIVE JOURNAL--HOUSE Jun
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LEGISLATIVE JOURNALHOUSE June 8, I
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Thc SPEAKEIZ. The Chair recognizes
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LEGISLATIVE JOURNALHOUSE June 8, Mr
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The SPEAKER. The Chair recognizes t
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1976. LEGISLATIVE JOURNALHOUSE 5259
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LEGISLATIVE JOURNALHOUSE HOUSE BILL
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E:zF Katz - The Pennsylvania General Assembly

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