Missouri Laws 301.442 – Transfer of commercial vehicle registration plates authorized in business ..
Terms Used In Missouri Laws 301.442
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- director of revenue: the director of the department of revenue. See Missouri Laws 301.010
- Oath: A promise to tell the truth.
- Owner: any person, firm, corporation or association, who holds the legal title to a vehicle or who has executed a buyer's order or retail installment sales contract with a motor vehicle dealer licensed under sections 301. See Missouri Laws 301.010
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- United States: includes such district and territories. See Missouri Laws 1.020
Whenever a business is sold by the owner thereof and as part of the sale the ownership of one or more commercial motor vehicles is transferred, or whenever an individual or partnership transfers ownership of a business and commercial motor vehicles owned by him or them to a corporation substantially owned by him or them in a nontaxable transfer under the provisions of the United States Internal Revenue Code, the original owner of any such vehicles may transfer the registration plates issued for such vehicles to the new owner who, upon notification to the director of revenue of the sale or transfer of ownership of the business and transfer of the registration plates, may use those registration plates for the remainder of the current registration period as if he, they, or it had originally purchased the plates. The director may prescribe the necessary forms for use in making the notification and may require that the notification be made under oath.