700.365. Assignment of lien or encumbrance by lienholder, rights and obligations--perfection by assignee, how. - Missouri Statutes

Assignment of lien or encumbrance by lienholder, rights andobligations--perfection by assignee, how.

700.365. 1. A lienholder may assign, absolutely or otherwise, hislien or encumbrance on the manufactured home to a person other than theowner without affecting the interest of the owner or the validity or effectof the lien or encumbrance, but any person without notice of the assignmentis protected in dealing with the lienholder as the holder of the lien orencumbrance and the lienholder shall remain liable for any obligations aslienholder until the assignee is named as lienholder on the certificate oftitle.

2. An assignee under subsection 1 of this section may, but need notto perfect the assignment, have the certificate of title issued with theassignee named as lienholder, upon delivering to the director of revenuethe certificate of title, an assignment by the lienholder named in thecertificate of title, and the required fee in the form the director ofrevenue prescribes.

3. If the certificate of ownership is being electronically retainedby the director of revenue, the original lienholder may mail or deliver anotice of assignment of a lien to the director in a form prescribed by thedirector. Upon receipt of notice of assignment, the director shall updatethe electronic certificate of ownership to reflect the assignment of thelien and lienholder.

(L. 1985 S.B. 152 § 700.165, A.L. 2002 H.B. 2008 merged with S.B. 895)

Effective 8-28-02 (H.B. 2008)

7-01-03 (S.B. 895)