Legislation

Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 314
Security interest in other property
Personal Property (PEP) CHAPTER 41, ARTICLE 9
§ 314. Security interest in other property. No retail instalment
contract, or any other agreement executed in connection therewith, shall
provide for the creation of a security interest in any personal or real
property, other than the motor vehicle which is the subject matter of
the retail instalment sale (or accessories therefor or special or
auxiliary equipment used in connection therewith), to secure the payment
of the time sale price under such contract or any part thereof,
provided, however, that the prohibition of this section shall not be
applicable to the taking of a mortgage or other security interest upon
or in connection with real property to secure the payment of the time
sale price of a retail installment sale, if the subject matter of the
retail installment sale is a mobile home or trailer which is to be
annexed to or situated on such real property. Any such prohibited
provision shall be void but shall not otherwise affect the validity of
such contract.