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New Jersey Repossession Laws
Quick Answers:
Where do I refer to for Title or
License Registration?
For state Title and License Information,
refer to:
Motor Vehicle Commission
Special Titles
P.O. Box 017
225 East State Street
Trenton, NJ 08666-0017
Telephone: (609) 292-6500
Request for Title Search – Fee
$10.50 - Form #ISM/DO-22A
Request for Lien Search – Fee $5.00
– Form ISM/DO-22
Security Interests:
Shown on title held by lienholder.
Recording Requirements:
Per the
Uniform Commercial Code (UCC)
adopted in July, 1963: With County
Clerk of county where property is
located, within 5 days. Refer to
Department of Banking for
confirmation and filing of chattel
mortgages.
Recovery Requirements:
As per the UCC, repossession is
allowed and permitted as long as it
is peaceful. Suit for purchase price
prohibits recovery and vice-versa.
Redemption Requirements:
Prior to Sale. Resale mandatory
where 50% of purchase price has been
paid. Resale optional with buyer
where less than 50% has been paid.
Deficiency Requirements:
If contract so provides.
Special Motor Vehicle Provisions:
Statement of encumbrance (form
CO85B) must be filed with the
director of Motor Vehicles with
title papers and encumbrances
resulting therefrom shown on
certificates of ownership for
chattel mortgages.
Documents Required to Transfer
Ownership of Motor Vehicle:
Manufacturers statement of origin
for new cars. Ownership of used car
is passed through assignment by the
seller to the buyer on the
certificate of ownership.
Documents Required for
Liquidation:
Application (CO-56), Writ of
Execution stamped "True Copy" signed
by the Clerk of Court, copy of
posted notice of sale and original
title.
Plates:
Remain with the
owner / debtor, "as long as you have
not changed the ownership. The same
name must be used for both
registrations and the registration
code needs to remain the same. If
you sell a vehicle and do not
transfer its plates to another
vehicle, you have to turn in the old
plates to MVC." From:
http://www.state.nj.us/mvc/Vehicle/Transferringplates.htm
All recovery requirements and fees are
current as of 2002.
Quick-Repo.com does not warrant the accuracy of these laws. The laws
listed on Quick-Repo.com are
only a starting point for reference,
and are not meant to be legal advice or a replacement for legal console. Please consult a repo company in your area, county, or
state if you have any questions
about repossession service there.
View
repo laws at
RepoLaws.info and
repossession laws at
RepossessionLaws.info
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