Section 66-3-10.1 - Salvage vehicles; nonrepairable vehicles; certificate of title; transfer of ownership. - New Mexico Statutes

66-3-10.1. Salvage vehicles; nonrepairable vehicles; certificate of title; transfer of ownership.

A.     It is unlawful for a person to sell or otherwise convey ownership of a salvage or nonrepairable vehicle unless the certificate of title or ownership is branded or a comparable title, certificate or ownership document has been issued by another state or jurisdiction.

B.     An owner of a nonrepairable vehicle shall sell or otherwise convey that vehicle only to a licensed wrecker of vehicles or a person licensed by a jurisdiction outside of this state to process vehicles by dismantling, wrecking, shredding, crushing or selling motor vehicle parts or scrap material or otherwise disposing of motor vehicles.

C.     A nonrepairable vehicle shall not be repaired, reconstructed or restored for operation on the roads or highways of this state.

D.     This section does not apply to:

(1)     a person whose motor vehicle has been stolen or taken without that person's consent unless, if the motor vehicle is recovered, it is a salvage or nonrepairable vehicle; or

(2)     a person conveying ownership of a motor vehicle to an insurance company as a result of a total loss insurance settlement.  For the purpose of this paragraph, "total loss insurance settlement" means the transfer of ownership of a motor vehicle by a person to an insurance company as a result of a settlement in which the motor vehicle is determined to be salvage or nonrepairable.