15.01.560 Release of Security Interest

Whenever there is not outstanding obligation and not commitment to make advances, incur obligations or otherwise give value, secured by the security interest in a vehicle under any security agreement between the owner and the secured party, the secured party shall execute and deliver to the owner, as the Registrar prescribes, a release of the security interest in the form and manner prescribed by the Registrar. If the secured party fails to execute and deliver such a release within 10 days after the receipt of the owner's written demand therefore he shall be liable to the owner for $25.00 and for any loss caused to the owner by such failure.