Okla. Admin. Code § 260:135-7-227

Current through Vol. 42, No. 6, December 2, 2024

Section 260:135-7-227 - Perfecting Lien

(a)Documents required for perfecting lien. To perfect a lien, either an Oklahoma title, or an Application for Oklahoma Title accompanying a properly assigned Manufacturer's Statement of Origin or out-of-state ownership document, must be presented, along with a completed Lien Entry Form. If the lien is being perfected on behalf of a transferee who has yet to obtain ownership in their name, the title presented must be properly assigned to that transferee before a lien may be perfected.

(b)Lien form must be legible. To be acceptable, all lien entry forms must be clearly legible, as determined by Service Oklahoma.

(c)Secured party information. The secured party must have completed his part of the form, particularly the signature and date of execution. Strikeovers and off line printing are not acceptable.

(d)Title to conform to lien entry form. The name of the secured party will be entered on the face of the secured title based on the registered lienholder information aligning with the lien entry form.

(e)Title receipt reflecting lien to be issued; fees. When recording a lien on a registered vehicle, boat or motor used as collateral, a title must be issued to reflect the lien. A title fee, in addition to the lien fee, will be assessed.

(f)Reassignment of lien. A secured party may file a reassignment of a lien to another secured party by submitting to Service Oklahoma a release of the initial lien, as well as a lien entry form and filing fees for the lien reassignment. The lien entry form is to state it is a reassignment of an existing lien. Upon receipt of proper documentation and payment, Service Oklahoma will enter the new lien information to the vehicle record, reflecting the same effective date as the initial lien.

(g)Certain liens not perfectible under Motor Vehicle Code. Lien entry forms cannot be accepted on any vehicle that cannot be issued an Oklahoma Certificate of Title. As an example, farm tractors or mobilized farm machinery cannot be issued a title. A lien cannot be perfected under the Motor Vehicle Code because a title will never be issued.

Okla. Admin. Code § 260:135-7-227

Transferred from 710:60-5-111 by HB 3419 (2022), eff. 5/19/2022

Amended by Oklahoma Register, Volume 40, Issue 24, September 1, 2023, eff. 9/11/2023