§ 60-165 — Security interest in all-terrain vehicle, minibike, utility-type vehicle, or low-speed vehicle; perfection; priority; notation of lien; when

Nebraska § 60-165

• Jurisdiction: Nebraska
• Ch. 60: Motor Vehicles

Text

(1)
Any security interest in an all-terrain vehicle or minibike perfected pursuant
to article 9, Uniform Commercial Code, before, on, or after January 1, 2004, in a utility-type vehicle
so perfected before, on, or after January 1, 2011, or in a low-speed vehicle so perfected before, on, or after
January 1, 2012, shall continue to be perfected until (a) the
financing statement perfecting such security interest is terminated or lapses
in the absence of the filing of a continuation statement pursuant to article
9, Uniform Commercial Code, or (b) an all-terrain vehicle, utility-type vehicle, minibike, or low-speed vehicle certificate of title
is issued and a notation of lien is made as provided in section 60-164 .
(2) Any lien noted on the face of an all-terrain vehicle,
utility-type vehicle, minibike, or low-speed vehicle certificate
of title or on an electronic certificate of title record pursuant to subsection
(1), (3), (4), (5), or (6) of this section,
on behalf of the holder of a security interest in the all-terrain vehicle,
utility-type vehicle, minibike, or low-speed vehicle which
was previously perfected pursuant to article 9, Uniform Commercial Code, shall
have priority as of the date such security interest was originally perfected.
(3) The holder of a certificate of title for an all-terrain
vehicle, utility-type vehicle, minibike, or low-speed vehicle shall,
upon request, surrender the certificate of title to a holder of a previously
perfected security interest in the all-terrain vehicle, utility-type vehicle, minibike, or low-speed vehicle to permit notation of
a lien on the certificate of title or on an electronic certificate of title
record and shall do such other acts as may be required to permit such notation.
(4) If the owner of an all-terrain vehicle or minibike subject
to a security interest perfected pursuant to article 9, Uniform Commercial
Code, fails or refuses to obtain a certificate of title after January 1, 2004,
the security interest holder may obtain a certificate of title in the name
of the owner of the all-terrain vehicle or minibike following the procedures
of section 60-144 and may have a lien noted on the certificate of title or
on an electronic certificate of title record pursuant to section 60-164 .
(5) If the owner of a utility-type vehicle subject to a security
interest perfected pursuant to article 9, Uniform Commercial Code, fails or
refuses to obtain a certificate of title after January 1, 2011, the security
interest holder may obtain a certificate of title in the name of the owner
of the utility-type vehicle following the procedures of section 60-144 and
may have a lien noted on the certificate of title or on an electronic certificate
of title record pursuant to section 60-164 .
(6) If the
owner of a low-speed vehicle subject to a security interest perfected pursuant
to article 9, Uniform Commercial Code, fails or refuses to obtain a certificate
of title after January 1, 2012, the security interest holder may obtain a
certificate of title in the name of the owner of the low-speed vehicle following
the procedures of section 60-144 and may have a lien noted on the certificate
of title or on an electronic certificate of title record pursuant to section 60-164 .
(7) The assignment, release,
or satisfaction of a security interest in an all-terrain vehicle, utility-type
vehicle, minibike, or low-speed vehicle shall
be governed by the laws under which it was perfected.

Legislative History

Source: Laws 2005, LB 276, § 65; Laws 2009, LB202, § 16; Laws 2010, LB650, § 18; Laws 2011, LB289, § 11.