Repurchase - title - security interest.

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Upon paying the equipment dealer, the title and right to possession of the repurchased inventory shall transfer to the supplier and the equipment dealer shall have a continuing perfected security interest in the inventory. Upon such payment, the security interest of the supplier shall be perfected without the filing of a financing statement for a period of six years.

Source: L. 95: Entire article R&RE, p. 371, § 1, effective July 1.


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