N.Y. Vehicle and Traffic Law 2120 – Assignment by lienholder
§ 2120. Assignment by lienholder. (a) A lienholder may assign, absolutely or otherwise, 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 lienholder as the holder of the security interest and the lienholder remains liable for any obligations as lienholder until the assignee is named as lienholder on the certificate.
Terms Used In N.Y. Vehicle and Traffic Law 2120
- Commissioner: includes the office and a branch office of the commissioner and, when authorized to receive a document or fee as agent of the commissioner, the clerk of a county. See N.Y. Vehicle and Traffic Law 2101
- Lienholder: means a person holding a security interest in a vehicle. See N.Y. Vehicle and Traffic Law 2101
- Owner: means a person, other than a lienholder, having the property in or title to a vehicle. See N.Y. Vehicle and Traffic Law 2101
- Person: means a natural person, firm, co-partnership, association or corporation. See N.Y. Vehicle and Traffic Law 2101
- Security interest: means an interest in a vehicle reserved or created by agreement and which secures payment or performance of an obligation. See N.Y. Vehicle and Traffic Law 2101
- Vehicle: means a vehicle as defined in section one hundred fifty-nine of this chapter except that it shall not include a device for which a registration is denied pursuant to section four hundred-a of this chapter and, except with respect to section twenty-one hundred two of this article, shall also mean a vessel as defined in section twenty-two hundred fifty of this chapter. See N.Y. Vehicle and Traffic Law 2101
(b) The assignee may, but need not to perfect the assignment, have the certificate of title endorsed or issued with the assignee named as lienholder, upon delivering to the commissioner an assignment by the lienholder named in the certificate in the form the commissioner prescribes. Upon the request of the assignee the commissioner shall request the owner to deliver to the commissioner the certificate of title.