46.2-642 - Release of security interest shown on certificate of title. - Virginia Statutes

§ 46.2-642. Release of security interest shown on certificate of title.

When an owner secures the release of any security interest on a motorvehicle, trailer, or semitrailer shown on its certificate of title, he mayexhibit the documents evidencing the release, signed by the person or personsmaking the release, and the certificate of title to the Department. However,when it is impossible to secure the release from the secured party, the ownermay exhibit to the Department whatever evidence may be available showing thatthe debt secured has been satisfied, together with a statement by the ownerunder oath that the debt has been paid. The Department, when satisfied as tothe genuineness and regularity of the release, shall issue to the ownereither a new certificate of title or an endorsement or rider showing therelease of the security interest, which the Department shall attach to theoutstanding certificate of title.

(Code 1950, § 46-75; 1958, c. 541, § 46.1-75; 1966, c. 558; 1972, c. 249;1989, c. 727.)