Vermont Statutes Title 23 Sec. 2024
Terms Used In Vermont Statutes Title 23 Sec. 2024
- Commissioner: means the Commissioner of Motor Vehicles. See
- Dealer: means a person as defined in subdivision 4(8) of this title. See
- Lien: A claim against real or personal property in satisfaction of a debt.
- Lienholder: means a person holding a security interest in a vehicle. See
- Owner: shall include any person, corporation, co-partnership, or association holding legal title to a motor vehicle or having exclusive right to the use or control thereof for a period of 30 days or more. See
- Person: includes any natural person, corporation, association, co-partnership, company, firm, or other aggregation of individuals. See
- Security interest: means an interest in a vehicle reserved or created by agreement and which secures payment or performance of an obligation. See
- Vehicle: means a motor vehicle as defined by section 4 of this title. See
§ 2024. Resale by dealer
If a dealer buys a vehicle, holds it for resale, and obtains the certificate of title from the owner or the lienholder, then the certificate need not be sent to the Commissioner. When the dealer transfers the vehicle to a person, other than by the creation of a security interest, he or she shall simultaneously execute the assignment and warranty of title by filling in the spaces on the certificate of title or as prescribed by the Commissioner or, if title is held by a finance source, execute a form prescribed by the Commissioner that provides proof of the transfer but does not release the lien. The certificate shall be mailed or delivered to the Commissioner with the transferee’s application for a new certificate. (Added 1969, No. 297 (Adj. Sess.), § 1, eff. Sept. 1, 1971; amended 2001, No. 69, § 5; 2019, No. 60, § 20.)