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§ 40-3-56 - Satisfaction of security interests and liens

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O.C.G.A.40-3-56 (2010) 40-3-56.Satisfaction of security interests and liens (a)(1)Ifany security interest or lien listed on a certificate of title issatisfied, the holder thereof shall, within ten days after demand,execute a release in the form the commissioner prescribes and mail ordeliver the release to the owner, provided that as an alternative to ahandwritten signature, the commissioner may authorize use of a digitalsignature as long as appropriate security measures are implemented whichassure security and verification of the digital signature process, inaccordance with regulations promulgated by the commissioner. For thepurposes of the release of a security interest or lien the "holder" ofthe lien or security interest is the parent bank or other lendinginstitution and any branch or office of the parent institution mayexecute such release.(2)If thecommissioner has entered into an agreement with such a security interestholder or lienholder to provide a means of delivery by secureelectronic measures of a notice of the recording of such securityinterest or lien, at such time as the security interest or lien isreleased, by secure electronic measures, the certificate of title may beprinted and mailed or delivered to the next lienholder or securityinterest holder or, if there is no other security interest holder orlienholder, to the owner without payment of any fee provided by CodeSection 40-3-38.(b)The owner may thenforward the certificate of title, the release, the properly executedtitle application, and title application fee to the commissioner or thecommissioner's duly authorized county tag agent, and the commissioner orauthorized county tag agent shall release the security interest or lienon the certificate or issue a new certificate and mail or deliver thecertificate to the owner. If the satisfied security interest or lien isone reflected on the certificate of title but the certificate of titleis in the custody of the first security interest holder or lienholder asprovided by this chapter, the release may be handled as provided inCode Section 40-3-27, and Code Section 40-3-26 shall otherwise becomplied with. In the event that the lienholder or security interestholder is no longer in business, an individual shall not be required tosubmit a release to secure a new certificate of title. The owner shallbe required to present to the commissioner or authorized county tagagent certification from the appropriate regulatory agency that suchlienholder or security interest holder is no longer in business.(c)Exceptfor liens and security interests listed on certificates of title formobile homes, cranes, or vehicles which weigh more than 10,000 poundsgross vehicle weight, which shall be satisfied only in conformity withsubsections (a) and (b) of this Code section, any lien or securityinterest shall be considered satisfied and release shall not be requiredafter ten years from the date of issuance of a title on which such lienor security interest is listed. None of the provisions of this Codesection shall preclude the perfection of a new lien or securityagreement, or the perfection of an extension of a lien or securityagreement beyond a period of ten years, by application for a newcertificate of title on which such lien or security agreement is listed.In order to provide for the continuous perfection of a lien or securityinterest originally entered into for a period of more than ten yearsfor a vehicle other than a mobile home, crane, or vehicle which weighsmore than 10,000 pounds gross vehicle weight, an application for asecond title on which the lien or security interest is listed must besubmitted to the commissioner or the commissioner's duly authorized tagagent before ten years from the date of the original title on which suchlien or security interest is listed. Otherwise the lien or securityinterest shall be perfected as of the date of receipt of the applicationby the commissioner or the commissioner's duly authorized county tagagent.
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  • O.C.G.A. 40-3-56 (2010)
    40-3-56. Satisfaction of security interests and liens


    (a)(1) If any security interest or lien listed on a certificate of title is satisfied, the holder thereof shall, within ten days after demand, execute a release in the form the commissioner prescribes and mail or deliver the release to the owner, provided that as an alternative to a handwritten signature, the commissioner may authorize use of a digital signature as long as appropriate security measures are implemented which assure security and verification of the digital signature process, in accordance with regulations promulgated by the commissioner. For the purposes of the release of a security interest or lien the "holder" of the lien or security interest is the parent bank or other lending institution and any branch or office of the parent institution may execute such release.

    (2) If the commissioner has entered into an agreement with such a security interest holder or lienholder to provide a means of delivery by secure electronic measures of a notice of the recording of such security interest or lien, at such time as the security interest or lien is released, by secure electronic measures, the certificate of title may be printed and mailed or delivered to the next lienholder or security interest holder or, if there is no other security interest holder or lienholder, to the owner without payment of any fee provided by Code Section 40-3-38.

    (b) The owner may then forward the certificate of title, the release, the properly executed title application, and title application fee to the commissioner or the commissioner's duly authorized county tag agent, and the commissioner or authorized county tag agent shall release the security interest or lien on the certificate or issue a new certificate and mail or deliver the certificate to the owner. If the satisfied security interest or lien is one reflected on the certificate of title but the certificate of title is in the custody of the first security interest holder or lienholder as provided by this chapter, the release may be handled as provided in Code Section 40-3-27, and Code Section 40-3-26 shall otherwise be complied with. In the event that the lienholder or security interest holder is no longer in business, an individual shall not be required to submit a release to secure a new certificate of title. The owner shall be required to present to the commissioner or authorized county tag agent certification from the appropriate regulatory agency that such lienholder or security interest holder is no longer in business.

    (c) Except for liens and security interests listed on certificates of title for mobile homes, cranes, or vehicles which weigh more than 10,000 pounds gross vehicle weight, which shall be satisfied only in conformity with subsections (a) and (b) of this Code section, any lien or security interest shall be considered satisfied and release shall not be required after ten years from the date of issuance of a title on which such lien or security interest is listed. None of the provisions of this Code section shall preclude the perfection of a new lien or security agreement, or the perfection of an extension of a lien or security agreement beyond a period of ten years, by application for a new certificate of title on which such lien or security agreement is listed. In order to provide for the continuous perfection of a lien or security interest originally entered into for a period of more than ten years for a vehicle other than a mobile home, crane, or vehicle which weighs more than 10,000 pounds gross vehicle weight, an application for a second title on which the lien or security interest is listed must be submitted to the commissioner or the commissioner's duly authorized tag agent before ten years from the date of the original title on which such lien or security interest is listed. Otherwise the lien or security interest shall be perfected as of the date of receipt of the application by the commissioner or the commissioner's duly authorized county tag agent.

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