321I.34 - SECURITY INTEREST -- PERFECTION AND TITLES -- FEE.

        321I.34  SECURITY INTEREST -- PERFECTION AND TITLES --      FEE.         1.  A security interest created in this state in an all-terrain      vehicle is not perfected until the security interest is noted on the      certificate of title.         a.  To perfect the security interest, an application for      security interest must be presented along with the original title.      The county recorder shall note the security interest on the face of      the title and on the copy in the recorder's office.         b.  The application fee for a security interest is ten      dollars.  Five dollars of the fee shall be credited to the special      all-terrain vehicle fund created under section 321I.8.  The remaining      five dollars shall be retained by the county and deposited into the      general fund of the county.         2.  The certificate of title shall be presented to the county      recorder when the application for security interest or for assignment      of the security interest is presented and a new or endorsed      certificate of title shall be issued to the secured party with the      name and address of the secured party upon it.         3.  When a security interest is discharged, the secured party      shall note the cancellation of the security interest on the face of      the certificate of title and send the title by first class mail to      the office of the county recorder where the title was issued.  If the      title has been lost or destroyed, the secured party may discharge the      security interest by sending a signed, notarized statement to the      office of the county recorder where the title was issued.  The county      recorder shall note the release of the security interest in the      county records and attach the statement to the certificate of title      as evidence of the release of the security interest.  
         Section History: Recent Form
         2004 Acts, ch 1132, §77; 2007 Acts, ch 141, §52