§ 46.2-642 — Release of security interest shown on certificate of title

Virginia § 46.2-642

• Jurisdiction: Virginia
• Title 46.2: MOTOR VEHICLES
• Subtitle II: TITLING, REGISTRATION AND LICENSURE
• Ch. 6: TITLING AND REGISTRATION OF MOTOR VEHICLES
• Art. 2: TITLING VEHICLES

Text

When an owner secures the release of any security interest on a motor vehicle, trailer, or semitrailer shown on its certificate of title, he may exhibit the documents evidencing the release, signed by the person or persons making the release, and the certificate of title to the Department. However, when it is impossible to secure the release from the secured party, the owner may exhibit to the Department whatever evidence may be available showing that the debt secured has been satisfied, together with a statement by the owner under oath that the debt has been paid. The Department, when satisfied as to the genuineness and regularity of the release, shall issue to the owner either a new certificate of title or an endorsement or rider showing the release of the security interest, which the Department shall attach to the outstanding certificate of title.

Legislative History

Code 1950, § 46-75; 1958, c. 541, § 46.1-75; 1966, c. 558; 1972, c. 249; 1989, c. 727.