Section 261:27 Release of Security Interest.
I. Upon the satisfaction of a security interest in a vehicle for which the certificate of title is in the possession of the lienholder, he shall, within 10 days after demand and, in any event, within 30 days, execute a release of his security interest, in the space provided therefor on the certificate or as the director prescribes, and mail or deliver the certificate and release to the next lienholder named therein, or, if none, to the owner or any person who delivers to the lienholder an authorization from the owner to receive the certificate. The owner, other than a dealer holding the vehicle for resale, shall promptly cause the certificate and release to be mailed or delivered to the department, which shall release the lienholder's rights on the certificate or issue a new certificate.
II. Upon the satisfaction of a security interest in a vehicle for which the certificate of title is in the possession of a prior lienholder, the lienholder whose security interest is satisfied shall within 10 days after demand execute a release in the form the director prescribes and deliver the release to the owner or any person who delivers to the lienholder an authorization from the owner to receive it. The lienholder in possession of the certificate of title shall either deliver the certificate to the owner, or the person authorized by the owner, for delivery to the department or, upon receipt of the release, mail or deliver it with the certificate to the department, which shall release the subordinate lienholder's rights on the certificate or issue a new certificate. If the lienholder does not have the certificate, the lienholder shall, within 7 days of receipt of final payment on the loan, apply for a duplicate title, a copy of which shall be sent to the payor.
Source. RSA 269-A:24. 1967, 357:1. 1981, 146:1. 1995, 239:1, eff. July 19, 1995.