§ 31-3.1-20 - Security interest – Change of certificate.
SECTION 31-3.1-20
§ 31-3.1-20 Security interest –Change of certificate. – If an owner creates a security interest in a vehicle:
(1) The owner shall immediately execute the application, inthe space provided for it on the certificate of title or on a separate form thedivision of motor vehicles prescribes, to name the lienholder on thecertificate, showing the name and address of the lienholder and the date of hissecurity agreement, and cause the certificate of application and the requiredfee and registration card to be delivered to the lienholder.
(2) The lienholder shall immediately cause the certificate,application, and the required fee and registration card to be mailed ordelivered to the division of motor vehicles.
(3) Upon request of the owner or subordinate lienholder, alienholder in possession of the certificate of title shall either mail ordeliver the certificate to the subordinate lienholder for delivery to thedivision of motor vehicles or, upon receipt from the subordinate lienholder ofthe owner's application and the required fee and registration card, mail ordeliver them to the division of motor vehicles with the certificate. Thedelivery of the certificate does not affect the rights of the first lienholderunder his or her security agreement.
(4) Upon receipt of the certificate of title, theapplication, the required fee of fifty dollars ($50.00), and the registrationcard, the division of motor vehicles shall either endorse on the certificate orissue a new certificate containing the name and address of the new lienholder,and mail the certificate to the first lienholder named in it.