IC 9-17-5-1 Satisfaction or discharge of lien; delivery of certificate of title
Sec. 1. A person having possession of a certificate of title for a
motor vehicle, semitrailer, or recreational vehicle because the person
has a lien or an encumbrance on the motor vehicle, semitrailer, or
recreational vehicle must deliver not more than ten (10) business
days after receipt of the payment the satisfaction or discharge of the
lien or encumbrance indicated upon the certificate of title to the
person who:
(1) is listed on the certificate of title as owner of the motor
vehicle, semitrailer, or recreational vehicle; or
(2) is acting as an agent of the owner and who holds power of
attorney for the owner of the motor vehicle, semitrailer, or
recreational vehicle. As added by P.L.2-1991, SEC.5. Amended by P.L.268-2003, SEC.16.
IC 9-17-5-2 Lienholder; repossession of vehicle; application for certificate of
title; procedure
Sec. 2. A person who holds a lien on a motor vehicle, semitrailer,
or recreational vehicle who has repossessed the motor vehicle,
semitrailer, or recreational vehicle and wants to obtain a certificate
of title for the motor vehicle, semitrailer, or recreational vehicle in
the person's name may obtain the certificate of title from the bureau
if:
(1) the person from whom the motor vehicle, semitrailer, or
recreational vehicle has been repossessed is shown by the
records of the bureau to be the last registered owner of the
motor vehicle, semitrailer, or recreational vehicle; and
(2) the person who holds the lien establishes to the satisfaction
of the bureau that the person is entitled to the certificate of title. As added by P.L.2-1991, SEC.5.
IC 9-17-5-3 Violation of chapter; Class C infraction
Sec. 3. A person who violates this chapter commits a Class C
infraction. As added by P.L.2-1991, SEC.5.
IC 9-17-5-4 Security interest not created by rental agreement
Sec. 4. Notwithstanding any other law, a rental transaction
agreement does not create a sale or security interest in a motor
vehicle or trailer solely because the transaction agreement provides
that the rental price may be adjusted upon the termination of the
agreement based upon the amount received for the motor vehicle or
trailer upon sale or other disposition.
As added by P.L.123-1995, SEC.1.
IC 9-17-5-1 Satisfaction or discharge of lien; delivery of certificate of title
Sec. 1. A person having possession of a certificate of title for a
motor vehicle, semitrailer, or recreational vehicle because the person
has a lien or an encumbrance on the motor vehicle, semitrailer, or
recreational vehicle must deliver not more than ten (10) business
days after receipt of the payment the satisfaction or discharge of the
lien or encumbrance indicated upon the certificate of title to the
person who:
(1) is listed on the certificate of title as owner of the motor
vehicle, semitrailer, or recreational vehicle; or
(2) is acting as an agent of the owner and who holds power of
attorney for the owner of the motor vehicle, semitrailer, or
recreational vehicle. As added by P.L.2-1991, SEC.5. Amended by P.L.268-2003, SEC.16.
IC 9-17-5-2 Lienholder; repossession of vehicle; application for certificate of
title; procedure
Sec. 2. A person who holds a lien on a motor vehicle, semitrailer,
or recreational vehicle who has repossessed the motor vehicle,
semitrailer, or recreational vehicle and wants to obtain a certificate
of title for the motor vehicle, semitrailer, or recreational vehicle in
the person's name may obtain the certificate of title from the bureau
if:
(1) the person from whom the motor vehicle, semitrailer, or
recreational vehicle has been repossessed is shown by the
records of the bureau to be the last registered owner of the
motor vehicle, semitrailer, or recreational vehicle; and
(2) the person who holds the lien establishes to the satisfaction
of the bureau that the person is entitled to the certificate of title. As added by P.L.2-1991, SEC.5.
IC 9-17-5-3 Violation of chapter; Class C infraction
Sec. 3. A person who violates this chapter commits a Class C
infraction. As added by P.L.2-1991, SEC.5.
IC 9-17-5-4 Security interest not created by rental agreement
Sec. 4. Notwithstanding any other law, a rental transaction
agreement does not create a sale or security interest in a motor
vehicle or trailer solely because the transaction agreement provides
that the rental price may be adjusted upon the termination of the
agreement based upon the amount received for the motor vehicle or
trailer upon sale or other disposition.
As added by P.L.123-1995, SEC.1.
IC 9-17-5-1 Satisfaction or discharge of lien; delivery of certificate of title
Sec. 1. A person having possession of a certificate of title for a
motor vehicle, semitrailer, or recreational vehicle because the person
has a lien or an encumbrance on the motor vehicle, semitrailer, or
recreational vehicle must deliver not more than ten (10) business
days after receipt of the payment the satisfaction or discharge of the
lien or encumbrance indicated upon the certificate of title to the
person who:
(1) is listed on the certificate of title as owner of the motor
vehicle, semitrailer, or recreational vehicle; or
(2) is acting as an agent of the owner and who holds power of
attorney for the owner of the motor vehicle, semitrailer, or
recreational vehicle. As added by P.L.2-1991, SEC.5. Amended by P.L.268-2003, SEC.16.
IC 9-17-5-2 Lienholder; repossession of vehicle; application for certificate of
title; procedure
Sec. 2. A person who holds a lien on a motor vehicle, semitrailer,
or recreational vehicle who has repossessed the motor vehicle,
semitrailer, or recreational vehicle and wants to obtain a certificate
of title for the motor vehicle, semitrailer, or recreational vehicle in
the person's name may obtain the certificate of title from the bureau
if:
(1) the person from whom the motor vehicle, semitrailer, or
recreational vehicle has been repossessed is shown by the
records of the bureau to be the last registered owner of the
motor vehicle, semitrailer, or recreational vehicle; and
(2) the person who holds the lien establishes to the satisfaction
of the bureau that the person is entitled to the certificate of title. As added by P.L.2-1991, SEC.5.
IC 9-17-5-3 Violation of chapter; Class C infraction
Sec. 3. A person who violates this chapter commits a Class C
infraction. As added by P.L.2-1991, SEC.5.
IC 9-17-5-4 Security interest not created by rental agreement
Sec. 4. Notwithstanding any other law, a rental transaction
agreement does not create a sale or security interest in a motor
vehicle or trailer solely because the transaction agreement provides
that the rental price may be adjusted upon the termination of the
agreement based upon the amount received for the motor vehicle or
trailer upon sale or other disposition.
As added by P.L.123-1995, SEC.1.
