49-528. Circumstances under which transitional ownership document acceptable as evidence of ownership. A transitional ownership document is acceptable as evidence of ownership only if the primary ownership document:
(1) Is not in the possession of the selling dealer, new security interest holder or the agent of either at the time the transitional ownership document is submitted to the department; and
(2) To the best of the knowledge of the selling dealer, security interest holder or agent, will not be available for submission to the department within thirty (30) days of the date of sale or if no sale is involved, within the date of a security agreement or contract.
[49-528, added 2000, ch. 320, sec. 1, p. 1079; am. 2007, ch. 66, sec. 4, p. 171.]