(a) The department, upon receipt of a properly endorsed certificate of title, accompanied by the required fee, and when satisfied as to the genuineness and regularity of the transfer and of the right of the transferee to a certificate of title, shall issue a new certificate of title in the name of the new owner as upon an original application.
Owner: means a person who holds the legal title of a vehicle, or in the event a vehicle is the subject of an agreement for the conditional sale or lease thereof, with the right of purchase upon performance of the conditions stated in the agreement and with an immediate right of possession vested in the conditional vendee or lessee, or in the event a mortgagor of a vehicle is entitled to possession, then the conditional vendee or lessee or mortgagor shall be deemed the owner for the purpose of this chapter and chapter 10, parts 1-5 of this title. See Tennessee Code 55-8-101
Vehicle: means every device in, upon or by which any person or property is or may be transported or drawn upon a highway, excepting devices used exclusively upon stationary rails or tracks. See Tennessee Code 55-8-101
(b) Where the certificate of title is held by a lienor and title has been transferred by bill of sale in lieu of an assignment and warranty as provided on the reverse side of the certificate of title, the department, upon receipt of a properly executed bill of sale and the required fee and when satisfied as to the genuineness and regularity of the bill of sale and the right of the transferee to a certificate of title, shall procure the certificate of title from the lienor in whose possession it is being held for the sole purpose of transferring ownership, and the department shall then return a certificate of title to the lienor from whom it was obtained.(c) The department, upon proper receipt of all the necessary applications, papers and information required showing title to a motor vehicle to have been transferred as provided by § 55-4-119, and upon the payment of the required fee, and when satisfied as to the genuineness and regularity of the transfer and the right of the transferee to a certificate of title, shall issue a new certificate of title in the name of the new owner as upon an original application and shall further make demand on the holder or holders of the old certificate of title to surrender the same to the department forthwith, if the certificate of title does not accompany the application.
