Section 301.630

Title XIX MOTOR VEHICLES, WATERCRAFT AND AVIATION

Chapter 301

Effective - 28 Aug 2002, 2 histories   

  301.630.  Lien or encumbrance, assignment, procedure, effect of — perfection of assignment, how, fee — form for notice of electronic certificate. — 1.  A lienholder may assign, absolutely or otherwise, his or her lien or encumbrance in the motor vehicle or trailer to a person other than the owner without affecting the interest of the owner or the validity or effect of the lien or encumbrance, but any person without notice of the assignment is protected in dealing with the lienholder as the holder of the lien or encumbrance and the lienholder remains liable for any obligations as lienholder until the assignee is named as lienholder on the certificate.

  2.  The assignee may, but need not, to perfect the assignment, have the certificate of ownership endorsed or issued with the assignee named as lienholder, upon delivering to the director of revenue the certificate and an assignment by the lienholder named in the certificate in the form the director of revenue prescribes the application and the required fee.

  3.  If the certificate of ownership is being electronically retained by the director of revenue, the original lienholder may mail or deliver a notice of assignment of a lien to the director in a form prescribed by the director.  Upon receipt of notice of assignment the director shall update the electronic certificate of ownership to reflect the assignment of the lien and lienholder.

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(L. 1965 p. 474 § 4, A.L. 1990 H.B. 1279, A.L. 1992 H.B. 884, A.L. 1999 H.B. 795, A.L. 2002 H.B. 2008 and A.L. 2002 S.B. 895, A.L. 2011 H.B. 315)