7712.12 - Assignment by secured party of security interest. - Pennsylvania Statutes

§ 7712.12. Assignment by secured party of security interest. (a) General rule.--A secured party may assign, absolutely or otherwise, his security interest in a snowmobile or ATV to a person other than the owner without affecting the interest of the owner or the validity or perfection of the security interest. (b) Duty of assignee.--An assignee who desires to become the secured party of record shall mail or deliver to the department the certificate of title and an assignment by the secured party named on the certificate of title on a form prescribed by the department accompanied by the required fee. Upon receipt of the certificate of title, assignment and fee, the department shall issue a corrected certificate of title naming the assignee as secured party. (c) Division 9.--The provisions of this section are subject to 13 Pa.C.S. § 9308(e) (relating to when security interest or agricultural lien is perfected; continuity of perfection). (June 8, 2001, P.L.123, No.18, eff. July 1, 2001; June 25, 2001, P.L.701, No.68, eff. 120 days) 2001 Amendments. Act 18 added section 7712.12 and Act 68 amended the entire section.