15.01.530 Duties on Creation of Security Interest

If an owner creates a security interest in a vehicle:

(a) The owner shall immediately execute, in the space provided therefore on the certificate of title or on a separate form prescribed by the Registrar an application to name the secured party on the certificate, showing the name and address of the secured party and the date of his or her security agreement, and cause the certificate, application and the required fee to be delivered to the secured party.

(b) The secured party shall immediately cause the certificate, application and the required fee to be mailed or delivered to the Registrar.

(c) Upon receipt of the certificate of title, application and the required fee, the Registrar shall issue to the secured party a new certificate which contains the name and address of the lien holder.