§ 20‑75. Whentransferee is dealer or insurance company.
When the transferee of avehicle registered under this Article is:
(1) A dealer who islicensed under Article 12 of this Chapter and who holds the vehicle for resale;or
(2) An insurance companytaking the vehicle for sale or disposal for salvage purposes where the title istaken as a part of a bona fide claim settlement transaction and only for thepurpose of resale,
the transferee shall not berequired to register the vehicle nor forward the certificate of title to theDivision as provided in G.S. 20‑73.
To assign or transfer title orinterest in the vehicle, the dealer or insurance company shall execute, in thepresence of a person authorized to administer oaths, a reassignment andwarranty of title on the reverse of the certificate of title in the formapproved by the Division, which shall include the name and address of thetransferee. The title to the vehicle shall not pass or vest until thereassignment is executed and the motor vehicle delivered to the transferee.
The dealer transferring titleor interest in a motor vehicle shall deliver the certificate of title dulyassigned in accordance with the foregoing provision to the transferee at thetime of delivering the vehicle, except:
(1) Where a securityinterest in the motor vehicle is obtained from the transferee in payment of thepurchase price or otherwise, the dealer shall deliver the certificate of titleto the lienholder and the lienholder shall forward the certificate of titletogether with the transferee's application for new certificate of title andnecessary fees to the Division within 20 days; or
(2) Where the transfereehas the option of cancelling the transfer of the vehicle within 10 days ofdelivery of the vehicle, the dealer shall deliver the certificate of title tothe transferee at the end of that period. Delivery need not be made if thecontract for sale has been rescinded in writing by all parties to the contract.
Any person who delivers oraccepts a certificate of title assigned in blank shall be guilty of a Class 2misdemeanor.
The title to a salvage vehicleshall be forwarded to the Division as provided in G.S. 20‑109.1. (1937,c. 407, s. 39; 1961, c. 835, s. 9; 1963, c. 552, s. 5; 1967, c. 760; 1973, c.1095, s. 3; 1975, c. 716, s. 5; 1993, c. 440, s. 12; c. 539, s. 341; 1994, Ex.Sess., c. 24, s. 14(c); 1997‑327, s. 2.1.)
§ 20‑75. Whentransferee is dealer or insurance company.
When the transferee of avehicle registered under this Article is:
(1) A dealer who islicensed under Article 12 of this Chapter and who holds the vehicle for resale;or
(2) An insurance companytaking the vehicle for sale or disposal for salvage purposes where the title istaken as a part of a bona fide claim settlement transaction and only for thepurpose of resale,
the transferee shall not berequired to register the vehicle nor forward the certificate of title to theDivision as provided in G.S. 20‑73.
To assign or transfer title orinterest in the vehicle, the dealer or insurance company shall execute, in thepresence of a person authorized to administer oaths, a reassignment andwarranty of title on the reverse of the certificate of title in the formapproved by the Division, which shall include the name and address of thetransferee. The title to the vehicle shall not pass or vest until thereassignment is executed and the motor vehicle delivered to the transferee.
The dealer transferring titleor interest in a motor vehicle shall deliver the certificate of title dulyassigned in accordance with the foregoing provision to the transferee at thetime of delivering the vehicle, except:
(1) Where a securityinterest in the motor vehicle is obtained from the transferee in payment of thepurchase price or otherwise, the dealer shall deliver the certificate of titleto the lienholder and the lienholder shall forward the certificate of titletogether with the transferee's application for new certificate of title andnecessary fees to the Division within 20 days; or
(2) Where the transfereehas the option of cancelling the transfer of the vehicle within 10 days ofdelivery of the vehicle, the dealer shall deliver the certificate of title tothe transferee at the end of that period. Delivery need not be made if thecontract for sale has been rescinded in writing by all parties to the contract.
Any person who delivers oraccepts a certificate of title assigned in blank shall be guilty of a Class 2misdemeanor.
The title to a salvage vehicleshall be forwarded to the Division as provided in G.S. 20‑109.1. (1937,c. 407, s. 39; 1961, c. 835, s. 9; 1963, c. 552, s. 5; 1967, c. 760; 1973, c.1095, s. 3; 1975, c. 716, s. 5; 1993, c. 440, s. 12; c. 539, s. 341; 1994, Ex.Sess., c. 24, s. 14(c); 1997‑327, s. 2.1.)
§ 20‑75. Whentransferee is dealer or insurance company.
When the transferee of avehicle registered under this Article is:
(1) A dealer who islicensed under Article 12 of this Chapter and who holds the vehicle for resale;or
(2) An insurance companytaking the vehicle for sale or disposal for salvage purposes where the title istaken as a part of a bona fide claim settlement transaction and only for thepurpose of resale,
the transferee shall not berequired to register the vehicle nor forward the certificate of title to theDivision as provided in G.S. 20‑73.
To assign or transfer title orinterest in the vehicle, the dealer or insurance company shall execute, in thepresence of a person authorized to administer oaths, a reassignment andwarranty of title on the reverse of the certificate of title in the formapproved by the Division, which shall include the name and address of thetransferee. The title to the vehicle shall not pass or vest until thereassignment is executed and the motor vehicle delivered to the transferee.
The dealer transferring titleor interest in a motor vehicle shall deliver the certificate of title dulyassigned in accordance with the foregoing provision to the transferee at thetime of delivering the vehicle, except:
(1) Where a securityinterest in the motor vehicle is obtained from the transferee in payment of thepurchase price or otherwise, the dealer shall deliver the certificate of titleto the lienholder and the lienholder shall forward the certificate of titletogether with the transferee's application for new certificate of title andnecessary fees to the Division within 20 days; or
(2) Where the transfereehas the option of cancelling the transfer of the vehicle within 10 days ofdelivery of the vehicle, the dealer shall deliver the certificate of title tothe transferee at the end of that period. Delivery need not be made if thecontract for sale has been rescinded in writing by all parties to the contract.
Any person who delivers oraccepts a certificate of title assigned in blank shall be guilty of a Class 2misdemeanor.
The title to a salvage vehicleshall be forwarded to the Division as provided in G.S. 20‑109.1. (1937,c. 407, s. 39; 1961, c. 835, s. 9; 1963, c. 552, s. 5; 1967, c. 760; 1973, c.1095, s. 3; 1975, c. 716, s. 5; 1993, c. 440, s. 12; c. 539, s. 341; 1994, Ex.Sess., c. 24, s. 14(c); 1997‑327, s. 2.1.)
