Or. Admin. R. 735-020-0020 - Perfection of a Security Interest - Application for Notation of a Security Interest

(1) An application for notation of security interest for purposes of perfection of a security interest in a vehicle, hereafter referred to as an "application for security interest" is:

(a) A completed and signed DMV application for Oregon title submitted to DMV;

(b) A letter, a memo, or other written form; or

(c) A transitional ownership document (TOD) submitted to DMV as provided in ORS 801.562, OAR 735-020-0015, and 735-020-0040 through 735-020-0045.

(2) An application for security interest must include the following:

(a) If submitted on an application for Oregon title as described in subsection (1)(a) of this rule:

(A) The name of each owner of the vehicle;

(B) The name and address of the security interest holder; and

(C) The vehicle identification number (VIN).

(b) If the application for security interest is a TOD as described in subsection (1)(c) of this rule, the TOD must comply with all applicable provisions of ORS 801.562, OAR 735-020-0015, 735-020-0040 and 735-020-0045.

(3) If the application for security interest is submitted on an application for Oregon title, the application must be accompanied by a primary ownership document unless DMV is in possession of the primary ownership document or the primary ownership document will be submitted separately, and the applicant provides the following information:

(a) A description of the vehicle, including VIN number, sufficient to connect the application for security interest and the primary ownership document;

(b) A statement that the primary ownership document is in the possession of DMV or will be submitted to DMV separate from the application for security interest;

(c) The date the primary ownership document was submitted or will be submitted to DMV; and

(d) If DMV has possession of the primary ownership document, the DMV office where it was submitted. If the primary ownership document will be submitted at a later date, it must be mailed to DMV Headquarters, 1905 Lana Avenue NE, Salem, OR 97314 or submitted to an EVR integrator.

(4) If an application for security interest is a TOD, the provisions of ORS 801.562, OAR 735-020-0015, 735-020-0030, and 735-020-0040 through 735-020-0045 will determine when and if security interest is perfected.

(5) When the notation application is in any form other than a TOD, the date DMV or an EVR integrator has both an application for security interest that meets the requirements of this rule and the primary ownership document will determine when all requirements for perfection have been met:

(a) Except as provided in subsection (c) of this section, when the application for security interest and primary ownership document are submitted separately, the date when both the application and the primary ownership document are in the possession of DMV or the EVR integrator will determine the date the application for security interest is first received;

(b) When an application for security interest is accepted by an agent of DMV, the date the application is first received will be the date DMV or an EVR integrator and not the agent, receives both the application and primary ownership document; and

(c) If the application for security interest does not contain the information required under subsection (2)(a) of this rule, or if the application or primary ownership document is returned to the applicant or agent by DMV or an EVR integrator, the date marked on the application or entered in the DMV vehicle record as the date it was first received, is not the date of perfection of the security interest. The DMV vehicle record will indicate the date when all requirements for notation of a security interest are again received by DMV or an EVR integrator.

(6) For purposes of perfecting a security interest in a vehicle, when DMV or an EVR integrator first receives an application for security interest as set forth in section (5) of this rule:

(a) The date will be marked on the application for security interest; or

(b) DMV will indicate in the vehicle record the date the application for security interest was first received by DMV.

(7) DMV will only change a date described under section (5) of this rule if DMV determines the date marked on the application or recorded in the DMV vehicle record does not accurately reflect the date the application for security interest was first received by DMV or the EVR integrator.

Notes

Or. Admin. R. 735-020-0020

MV 2-1988, f. & cert. ef. 1-7-88; Administrative Renumbering 3-1988, Renumbered from 735-110-0520; MV 18-1988, f. & cert. ef. 6-1-88; MV 20-1989, f. & cert. ef. 10-3-89; MV 9-1993, f. 10-22-93, cert. ef. 11-4-93; DMV 6-2004, f. & cert. ef. 5-24-04

Stat. Auth.: ORS 184.616, 184.619, 802.600 & 803.097

Stats. Implemented: ORS 801.402, 801.465, 801.562, 802.600, 803.097 & 803.130 - 803.138