Vermont Statutes Title 23 Sec. 2044
Terms Used In Vermont Statutes Title 23 Sec. 2044
- Commissioner: means the Commissioner of Motor Vehicles. See
- 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
§ 2044. Assignment of security interest
(a) A lienholder may assign, absolutely or otherwise, his or her security interest in the vehicle to a person other than the owner without affecting the interest of the owner or the validity of the security interest, but any person without notice of the assignment is protected in dealing with the lienholder as the holder of the security interest and the lienholder remains liable for any obligations as lienholder until the assignee is named as lienholder on the certificate.
(b) The assignee may, but need not to perfect the assignment, have the certificate of title endorsed or issued with the assignee named as lienholder, upon delivering to the Commissioner the certificate and an assignment by the lienholder named in the certificate in the form the Commissioner prescribes. (Added 1969, No. 297 (Adj. Sess.), § 1, eff. Sept. 1, 1971.)