5713 - Property and licensing rights.

     § 5713.  Property and licensing rights.        (a)  Property rights.--Medallions are property and may not be     revoked or canceled by the authority. Medallions may be pledged     to lenders or creditors as security on debt. All lenders or     creditors who, after the effective date of this section, accept     a medallion as security shall do so in conformance with 13     Pa.C.S. (relating to commercial code). If a lender or creditor     executes on or seizes a medallion, it shall immediately notify     the authority in writing. Any sale of the medallion, upon     seizure or execution, shall occur at authority offices pursuant     to the requirements of section 5718 (relating to restrictions)     within one year of the seizure or execution. If the medallion is     not sold within one year, the medallion will become     nontransferable, and possession must be surrendered to the     authority unless the authority finds exigent circumstances exist     which warrant extending the one-year period.        (b)  Licensing rights.--A certificate of public convenience     is a licensing right which accompanies each medallion and     authorizes the operation of one taxicab within a city of the     first class. No property interest shall exist in the certificate     itself. A certificate may not be pledged to lenders or creditors     as security on debt. A certificate may be canceled by the     authority, upon due cause shown, for violation of this     subchapter or authority regulations. If the authority cancels a     certificate, the certificate holder shall have the right to sell     the accompanying medallion within six months of the date of     cancellation, and the certificate holder must turn the medallion     over to the authority office within five days of cancellation of     the certificate for safekeeping until the medallion is sold.     This six-month time period shall be extended during the pendency     of a petition for reinstatement of the certificate of public     convenience. If the medallion is not sold within the statutory     period, the medallion will become nontransferable, and     possession must be surrendered to the authority.     (July 16, 2004, P.L.758, No.94, eff. imd.)        2004 Amendment.  Act 94 reenacted section 5713.