Sec. 36a-782. (Formerly Sec. 42-95). Cancellation of contract on payment in full.
Sec. 36a-782. (Formerly Sec. 42-95). Cancellation of contract on payment in
full. Upon payment in full of the balance and other amounts lawfully due under a retail
installment contract or installment loan contract by the retail buyer, the holder shall
mark the contract and note signed by the retail buyer with the word "paid" or "cancelled"
and shall, at the time of payment, return such contract and note or, in lieu thereof, transmit
or deliver to the retail buyer a certificate clearly identifying the goods covered by the
contract and showing such contract has been paid in full. This requirement shall not
apply to any retail installment contract or installment loan contract covering goods for
which the cash price is one hundred dollars or less.
(1949, S. 2865d; 1957, P.A. 361, S. 1 (h).)
History: Sec. 42-95 transferred to Sec. 36a-782 in 1995.
See Sec. 42a-9-203 re attachment and enforceability of security interests.