If an owner creates a security interest in a vehicle:
(a) The owner shall immediately execute the application in the space provided therefor on the certificate of title, or in a format the department prescribes, to name the secured party on the certificate, showing the name and address of the secured party, and cause the certificate, application, and the required fees and taxes to be delivered to the secured party.
(b) The secured party shall immediately cause the certificate, application, and the required fees and taxes to be mailed or delivered to the department.
(c) A second or subordinate secured party does not affect the rights of the first secured party under a security agreement.
(d) Upon receipt of the certificate of title, application, and the required fees and taxes, the department shall issue a new certificate containing the name and address of the new secured party, and mail or deliver the certificate to the owner. The secured party or parties shall be notified that the security interest has been recorded.
History: 1971 c 162 s 18; 1986 c 444; 1989 c 148 s 11; 2002 c 371 art 1 s 24
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