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Ark. Code Ann. § 27-14-909

Release of lien by lienholder — Disclosure of information

Known as the Motor Vehicle Administration, Certificate of Title, and Antitheft Act

The act spans §§ 27–27 (209 sections).

Applied in 1 court decision — leading case Gaines v. Ford Motor Credit Corp. (In Re Gaines) (2009)

Most recently applied in Gaines v. Ford Motor Credit Corp. (In Re Gaines) (August 2009)

Acts 1949, No. 142, § 55; 1959, No. 307, § 10; A.S.A. 1947, § 75-155; Acts 1999, No. 1305, § 1; 2007, No. 589, § 1.

(1) For purposes of this section, a lien or encumbrance is satisfied when the lienholder receives final payment under § 4-4-215.

(2) Upon the satisfaction of any lien or encumbrance on a vehicle for which the certificate of title is in the possession of the lienholder, the lienholder shall within ten (10) business days after receipt of final payment under § 4-4-215 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.

(3) Upon the satisfaction of a lien or encumbrance on a vehicle 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 after receipt of final payment under § 4-4-215 execute a release of lien or encumbrance in the form the office 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.

(4) This section shall not be construed to apply to manufactured housing or mobile homes.

(5) 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.

(6) Any lienholder who fails to comply with subsection (b) 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 (b) 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.

(7) If delivery of the certificate of title is by mail, the delivery date is the date of the postmark for purposes of this subsection.

Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.