§ 4320. Payment to last known holder as discharge of buyer in absence of notice of assignment.
Unless the buyer has notice of actual or intended assignment of a contract or installment account, payment thereunder made
by the buyer to the last known holder of such contract or installment account, shall to the extent of the payment, discharge
the buyer's obligation.
6 Del. C. 1953, § 4320; 52 Del. Laws, c. 342.;
§ 4321. Periodic statements of account.
At any time after its execution, but not later than 1 year after the last payment made thereunder, the holder of a contract
shall, upon written request of the buyer made in good faith, promptly give or forward to the buyer a detailed written statement
which will state with accuracy the total amount, if any, unpaid thereunder. Such a statement shall be supplied by the holder
once each year without charge; if any additional statement is requested by the buyer, the holder shall supply such statement
to the buyer at a charge not exceeding $1 for each additional statement supplied to the buyer. The provisions of this section
shall not apply to those transactions wherein, instead of periodic statements of account, the buyer is provided with a passbook,
payment book or coupon book in which all payment, credits, charges and the unpaid balance are indicated.
6 Del. C. 1953, § 4321; 52 Del. Laws, c. 342.;
§ 4322. Prepayment; refund of service charge.
(a) A buyer may prepay the debt due under a retail installment contract in full at any time.
(b) If the service charge imposed pursuant to § 4315 of this title in respect of a retail installment sale has been precomputed
and taken in advance, then, in the event of prepayment of the entire indebtedness, the holder shall refund to such buyer the
unearned portion of the precomputed service charge. This refund shall be in an amount not less than the amount which would
be refunded if the unearned precomputed service charge were calculated in accordance with the actuarial method, except that
the buyer shall not be entitled to a refund which is less than $1. The unearned portion of the precomputed service charge
is, at the option of the holder, either:
(1) That portion of the precomputed service charge which is allocable to all originally scheduled or, if deferred, all deferred
payment periods, or portions thereof, ending subsequent to the date of prepayment. The unearned precomputed service charge
is the total of that which would have been earned for each such period, or portion thereof, had the debt due under the retail
installment contract not been precomputed, by applying to unpaid balances, according to the actuarial method, an annual percentage
rate based on the precomputed service charge, assuming that all payments were made as scheduled, or as deferred, if deferred.
The holder, at its option, may round this annual percentage rate to the nearest one-quarter of 1 percent; or
(2) The total precomputed service charge less the earned precomputed service charge. The earned precomputed service charge
shall be determined by applying an annual percentage rate based on the total precomputed service charge, under the actuarial
method, to the unpaid balances for the actual time those balances were unpaid up to the date of prepayment.
(c) As used in subsection (b) of this section:
(1) "Actuarial method" means the method of allocating payments made on a debt due under a retail installment contract between
the outstanding balance of the indebtedness and the service charge pursuant to which a payment is applied first to the accumulated
service charge and any remainder is subtracted from the outstanding balance of the indebtedness.
(2) "Payment period" means the time period within which periodic installment payments of the indebtedness are due under the
terms of a retail installment contract.
(d) If a charge was made to a buyer for premiums for insuring such buyer in respect of a retail installment contract, then,
in the event of prepayment, the holder shall refund to such buyer the excess of the charge to such buyer therefor over the
premiums paid or payable to the holder, if such premiums were paid or payable by the holder periodically, or the refund for
such insurance premium received or receivable by the holder if such premium was paid or payable in a lump sum by the holder,
provided that no such refund shall be required if it amounts to less than $1.
(e) In connection with any prepayment of a debt due under a retail installment contract, a holder may not impose any prepayment
charge.
6 Del. C. 1953, § 4322; 52 Del. Laws, c. 342; 63 Del. Laws, c. 2, § 17.;
§ 4323. Acknowledgment of payment in full; release of security in goods.
After the payment of all sums for which the buyer is obligated under a contract and upon demand made by the buyer, the holder
shall deliver, or mail to the buyer's last known address, such one or more good and sufficient instruments as may be necessary
to acknowledge payment in full and to release all security in the goods under such contract.
6 Del. C. 1953, § 4323; 52 Del. Laws, c. 342; 70 Del. Laws, c. 186, § 1.;
§ 4320. Payment to last known holder as discharge of buyer in absence of notice of assignment.
Unless the buyer has notice of actual or intended assignment of a contract or installment account, payment thereunder made
by the buyer to the last known holder of such contract or installment account, shall to the extent of the payment, discharge
the buyer's obligation.
6 Del. C. 1953, § 4320; 52 Del. Laws, c. 342.;
§ 4321. Periodic statements of account.
At any time after its execution, but not later than 1 year after the last payment made thereunder, the holder of a contract
shall, upon written request of the buyer made in good faith, promptly give or forward to the buyer a detailed written statement
which will state with accuracy the total amount, if any, unpaid thereunder. Such a statement shall be supplied by the holder
once each year without charge; if any additional statement is requested by the buyer, the holder shall supply such statement
to the buyer at a charge not exceeding $1 for each additional statement supplied to the buyer. The provisions of this section
shall not apply to those transactions wherein, instead of periodic statements of account, the buyer is provided with a passbook,
payment book or coupon book in which all payment, credits, charges and the unpaid balance are indicated.
6 Del. C. 1953, § 4321; 52 Del. Laws, c. 342.;
§ 4322. Prepayment; refund of service charge.
(a) A buyer may prepay the debt due under a retail installment contract in full at any time.
(b) If the service charge imposed pursuant to § 4315 of this title in respect of a retail installment sale has been precomputed
and taken in advance, then, in the event of prepayment of the entire indebtedness, the holder shall refund to such buyer the
unearned portion of the precomputed service charge. This refund shall be in an amount not less than the amount which would
be refunded if the unearned precomputed service charge were calculated in accordance with the actuarial method, except that
the buyer shall not be entitled to a refund which is less than $1. The unearned portion of the precomputed service charge
is, at the option of the holder, either:
(1) That portion of the precomputed service charge which is allocable to all originally scheduled or, if deferred, all deferred
payment periods, or portions thereof, ending subsequent to the date of prepayment. The unearned precomputed service charge
is the total of that which would have been earned for each such period, or portion thereof, had the debt due under the retail
installment contract not been precomputed, by applying to unpaid balances, according to the actuarial method, an annual percentage
rate based on the precomputed service charge, assuming that all payments were made as scheduled, or as deferred, if deferred.
The holder, at its option, may round this annual percentage rate to the nearest one-quarter of 1 percent; or
(2) The total precomputed service charge less the earned precomputed service charge. The earned precomputed service charge
shall be determined by applying an annual percentage rate based on the total precomputed service charge, under the actuarial
method, to the unpaid balances for the actual time those balances were unpaid up to the date of prepayment.
(c) As used in subsection (b) of this section:
(1) "Actuarial method" means the method of allocating payments made on a debt due under a retail installment contract between
the outstanding balance of the indebtedness and the service charge pursuant to which a payment is applied first to the accumulated
service charge and any remainder is subtracted from the outstanding balance of the indebtedness.
(2) "Payment period" means the time period within which periodic installment payments of the indebtedness are due under the
terms of a retail installment contract.
(d) If a charge was made to a buyer for premiums for insuring such buyer in respect of a retail installment contract, then,
in the event of prepayment, the holder shall refund to such buyer the excess of the charge to such buyer therefor over the
premiums paid or payable to the holder, if such premiums were paid or payable by the holder periodically, or the refund for
such insurance premium received or receivable by the holder if such premium was paid or payable in a lump sum by the holder,
provided that no such refund shall be required if it amounts to less than $1.
(e) In connection with any prepayment of a debt due under a retail installment contract, a holder may not impose any prepayment
charge.
6 Del. C. 1953, § 4322; 52 Del. Laws, c. 342; 63 Del. Laws, c. 2, § 17.;
§ 4323. Acknowledgment of payment in full; release of security in goods.
After the payment of all sums for which the buyer is obligated under a contract and upon demand made by the buyer, the holder
shall deliver, or mail to the buyer's last known address, such one or more good and sufficient instruments as may be necessary
to acknowledge payment in full and to release all security in the goods under such contract.
6 Del. C. 1953, § 4323; 52 Del. Laws, c. 342; 70 Del. Laws, c. 186, § 1.;
§ 4320. Payment to last known holder as discharge of buyer in absence of notice of assignment.
Unless the buyer has notice of actual or intended assignment of a contract or installment account, payment thereunder made
by the buyer to the last known holder of such contract or installment account, shall to the extent of the payment, discharge
the buyer's obligation.
6 Del. C. 1953, § 4320; 52 Del. Laws, c. 342.;
§ 4321. Periodic statements of account.
At any time after its execution, but not later than 1 year after the last payment made thereunder, the holder of a contract
shall, upon written request of the buyer made in good faith, promptly give or forward to the buyer a detailed written statement
which will state with accuracy the total amount, if any, unpaid thereunder. Such a statement shall be supplied by the holder
once each year without charge; if any additional statement is requested by the buyer, the holder shall supply such statement
to the buyer at a charge not exceeding $1 for each additional statement supplied to the buyer. The provisions of this section
shall not apply to those transactions wherein, instead of periodic statements of account, the buyer is provided with a passbook,
payment book or coupon book in which all payment, credits, charges and the unpaid balance are indicated.
6 Del. C. 1953, § 4321; 52 Del. Laws, c. 342.;
§ 4322. Prepayment; refund of service charge.
(a) A buyer may prepay the debt due under a retail installment contract in full at any time.
(b) If the service charge imposed pursuant to § 4315 of this title in respect of a retail installment sale has been precomputed
and taken in advance, then, in the event of prepayment of the entire indebtedness, the holder shall refund to such buyer the
unearned portion of the precomputed service charge. This refund shall be in an amount not less than the amount which would
be refunded if the unearned precomputed service charge were calculated in accordance with the actuarial method, except that
the buyer shall not be entitled to a refund which is less than $1. The unearned portion of the precomputed service charge
is, at the option of the holder, either:
(1) That portion of the precomputed service charge which is allocable to all originally scheduled or, if deferred, all deferred
payment periods, or portions thereof, ending subsequent to the date of prepayment. The unearned precomputed service charge
is the total of that which would have been earned for each such period, or portion thereof, had the debt due under the retail
installment contract not been precomputed, by applying to unpaid balances, according to the actuarial method, an annual percentage
rate based on the precomputed service charge, assuming that all payments were made as scheduled, or as deferred, if deferred.
The holder, at its option, may round this annual percentage rate to the nearest one-quarter of 1 percent; or
(2) The total precomputed service charge less the earned precomputed service charge. The earned precomputed service charge
shall be determined by applying an annual percentage rate based on the total precomputed service charge, under the actuarial
method, to the unpaid balances for the actual time those balances were unpaid up to the date of prepayment.
(c) As used in subsection (b) of this section:
(1) "Actuarial method" means the method of allocating payments made on a debt due under a retail installment contract between
the outstanding balance of the indebtedness and the service charge pursuant to which a payment is applied first to the accumulated
service charge and any remainder is subtracted from the outstanding balance of the indebtedness.
(2) "Payment period" means the time period within which periodic installment payments of the indebtedness are due under the
terms of a retail installment contract.
(d) If a charge was made to a buyer for premiums for insuring such buyer in respect of a retail installment contract, then,
in the event of prepayment, the holder shall refund to such buyer the excess of the charge to such buyer therefor over the
premiums paid or payable to the holder, if such premiums were paid or payable by the holder periodically, or the refund for
such insurance premium received or receivable by the holder if such premium was paid or payable in a lump sum by the holder,
provided that no such refund shall be required if it amounts to less than $1.
(e) In connection with any prepayment of a debt due under a retail installment contract, a holder may not impose any prepayment
charge.
6 Del. C. 1953, § 4322; 52 Del. Laws, c. 342; 63 Del. Laws, c. 2, § 17.;
§ 4323. Acknowledgment of payment in full; release of security in goods.
After the payment of all sums for which the buyer is obligated under a contract and upon demand made by the buyer, the holder
shall deliver, or mail to the buyer's last known address, such one or more good and sufficient instruments as may be necessary
to acknowledge payment in full and to release all security in the goods under such contract.
6 Del. C. 1953, § 4323; 52 Del. Laws, c. 342; 70 Del. Laws, c. 186, § 1.;