63-21-47 - Assignment of security interest by lienholder.
§ 63-21-47. Assignment of security interest by lienholder.
A lienholder may assign, absolutely or otherwise, his security interest in the vehicle, manufactured home or mobile home to a person other than the owner without affecting the interest of the owner or the validity of the security interest. However, any person without notice of the assignment is protected in dealing with the lienholder as the holder of the security interest and the lienholder remains liable for any obligations as lienholder until the assignee is named as lienholder on the certificate in the manner prescribed by the State Tax Commission.
The commission shall file each assignment received by the commission with the required fee, and note the assignee as lienholder upon the record of notices of security interests maintained by the commission.
Sources: Codes, 1942, § 8125-43; Laws, 1968, ch. 531, § 23; Laws, 1999, ch. 556, § 24, eff from and after July 1, 1999.