§ 31-3.1-21 - Assignment by lienholder. - Rhode Island Statutes

SECTION 31-3.1-21

   § 31-3.1-21  Assignment by lienholder.– (a) A lienholder may assign, absolutely or otherwise, his or her securityinterest in the vehicle to a person other than the owner without affecting theinterest of the owner or the validity of the security interest, but any personwithout notice of the assignment is protected in dealing with the lienholder asthe holder of the security interest, and the lienholder remains liable for anyobligations as lienholder until the assignee is named as lienholder on thecertificate.

   (b) The assignee may, but need not to perfect the assignment,have the certificate of title endorsed or issued with the assignee named aslienholder, upon delivering to the division of motor vehicles the certificateand an assignment by the lienholder named in the certificate in the form thedivision of motor vehicles prescribes.