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Session Laws, 1941
Volume 582, Page 1508   View pdf image (33K)
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1508 LAWS OF MARYLAND. [CH. 851

within 10 days after he has received a request in writing from
the buyer, deliver or mail to the buyer at his last known ad-
dress a copy of the agreement, together with a statement
signed by the holder or his agent showing:

(a) the amounts paid by or on behalf of the buyer and the
allocation thereof between principal obligations and charges
for delinquencies, extensions, and refunds;

(b) the amounts, if any, which have become clue but remain
unpaid and the allocation thereof between principal obliga-
tions and charges for delinquencies, expenses of repossessions,
extensions, and refunds; and

(c) the number of instalments to become payable and the
amount and time of each.

Such statements shall be supplied without charge, except
that a fee of fifty cents (50') may be charged for any state-
ments supplied within sixty (60) days after a prior statement
was supplied.

122. Cancellation of Contract and Security. After the pay-
ment of all sums for which the buyer is obligated under an
instalment agreement, and upon written demand, delivered
personally or by mail by the buyer, the holder shall deliver to
the buyer, or mail to his last known address:

(a) a statement signed by the holder, describing the goods,
and reciting that all payments due or to become due under
the agreement have been paid in full;

(b) good and sufficient instruments to release all security
interests in the goods and collateral security owned by the
buyer; and

(c) such good and sufficient assignments and documents of
title as may be necessary to vest the buyer with complete
evidence of title:

And the holder shall likewise deliver or mail to each person
who is surety or guarantor for the buyer or who is the owner
of collateral security for performance of the agreement a
statement signed by the holder that the suretyship or guaranty
is wholly discharged, together with good and sufficient instru-
ments to release any collateral security owned by such person.
If the holder fails to comply with the requirements of this
section within 15 days after such demand, he shall forfeit
$10. 00 to the buyer and be liable for all damages.

123. Repossession, (a) When the buyer is in default in
the payment of any sum due under the instalment agreement,
or in the performance of any other condition which it lawfully
requires him to perform in order to obtain title to the goods,
or in performance of any promise the breach of which is, by
the agreement, expressly made a ground for repossessing such
goods, the holder may repossess the goods. Unless the goods

 

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Session Laws, 1941
Volume 582, Page 1508   View pdf image (33K)   << PREVIOUS  NEXT >>


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