Marvin Mandel, Governor                         813

3. Upon receipt of the certificate of title, application, and the
required fees, the Department shall endorse on the existing certificate
of title or on a new certificate which it then issues, the name and
address of all secured parties, and mail or deliver the certificate of
title to the owner named thereon.

3-204. Same; assignment by lienholder.

(a)    A secured party may assign, absolutely or otherwise, all or
part of his security interest in the vehicle to a person other than the
owner without affecting the interest of the owner or the validity of
the security interest, but any person without notice of the assignment
is protected in dealing with the secured party as the holder of the
security interest and the secured party remains liable for any obliga-
tions as secured party until the assignee is named as secured party
on the certificate of title.

(b)    The assignee may, but need not to perfect the assignment,
have the certificate of title endorsed or issued with the assignee

named as secured party, upon delivering to Department the

certificate of title and an assignment by the secured party named in

the certificate of title in the form the Department may prescribe
and upon payment of a fee of $2.00. The assignee's security interest
is perfected as of the time of its creation if delivery and payment
are completed within ten (10) days of the date of its creation; other
wise, as of the time of the delivery and payment. Upon request, the

owner shall deliver the certificate of title to the assignee, who shall

immediately cause the certificate to be mailed or delivered to the
Department THE ASSIGNEE SHALL DELIVER TO THE DE-
PARTMENT THE CERTIFICATE OF TITLE IF AVAILABLE
AND AN ASSIGNMENT BY THE SECURED PARTY NAMED
IN THE CERTIFICATE OF TITLE IN THE FORM THE DE-
PARTMENT MAY PRESCRIBE ACCOMPANIED BY A FEE OF
$2.00 IN ADDITION TO ALL OTHER FEES PRESCRIBED
UNDER THIS ARTICLE. THE ASSIGNEE'S SECURITY INTER-
EST IS PERFECTED AS OF THE TIME OF ITS CREATION IF
DELIVERY AND PAYMENT ARE COMPLETED WITHIN TEN
(10) DAYS OF THE DATE OF ITS CREATION AND SUBSE-
QUENT DELIVERY AND PAYMENT WITHIN TWENTY-ONE
(21) DAYS TO THE RECORD OFFICE OF THE CLERKS OF
THE COURTS, AS HEREINBEFORE PROVIDED, OTHERWISE
AS OF THE TIME OF ITS DELIVERY AND PAYMENT.

3-205. Same; release of security interest.

(a) Upon the satisfaction of a security interest in a vehicle the
secured party shall execute a release of his security interest upon
forms prescribed by the Department and immediately mail or deliver
the release to the owner. AND AN EXACT COPY OF THE
RELEASE SHALL BE DELIVERED BY THE SECURED PARTY
TO THE RECORD OFFICE OF THE CLERKS OF THE COURTS
IN AND FOR THE JURISDICTION IN THE PLACE OF RESI-
DENCE OF THE OWNER OF THE VEHICLE OR TO THE
RECORD OFFICE OF THE CLERKS OF THE COURTS IN
WHICH THE SECURITY INTEREST WAS PERFECTED IF THE
OWNER HAS CHANGED HIS PLACE OF RESIDENCE AFTER
PERFECTION. After it receives a release and the certificate
of title, the Department shall release the secured party's right on the
certificate of title or issue a new certificate.