Section 35-38-107 - Repurchase - title - security interest

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