Indiana Code 9-22-3-4.1. Assignment of certificate of title by lienholder to insurance company; certificate of salvage title; fee; violation
(1) for which an insurance company has made and paid an agreed settlement; and
Terms Used In Indiana Code 9-22-3-4.1
- Highway: includes county bridges and state and county roads, unless otherwise expressly provided. See Indiana Code 1-1-4-5
- Lien: A claim against real or personal property in satisfaction of a debt.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(b) A person that owns or holds a lien upon a vehicle described in subsection (a) shall assign the certificate of title to the insurance company described in subsection (a) not more than thirty (30) days after the date of settlement.
(c) The insurance company shall:
(1) apply to the bureau within forty-five (45) days after receipt of the certificate of title for a certificate of salvage title for each vehicle subject to this chapter; and
(2) surrender the certificate of title or other proof of ownership to the bureau and pay a salvage title fee of four dollars ($4). The fee shall be deposited in the motor vehicle highway account.
(d) After the bureau has received the items set forth in subsection (c)(2), the bureau shall issue a certificate of salvage title for a vehicle to:
(1) the owner, if the owner retains possession of the vehicle as part of an agreed settlement with an insurance company for the vehicle; or
(2) the insurance company, if the owner does not retain possession.
(e) Except as provided in section 4.4 of this chapter, a person that violates this section commits a Class D infraction.
[Pre-2016 Revision Citations: 9-22-3-11; 9-29-7-2.3(a); subsection (c) formerly 9-29-7-2.3(a).]
As added by P.L.198-2016, SEC.385.