Virginia Code 46.2-641: Who to hold certificate of title subject to security interest.
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The certificate of title of a motor vehicle, trailer, or semitrailer shall be delivered to the person holding the security interest having first priority on the motor vehicle, trailer, or semitrailer and retained by him until the entire amount of his security interest is fully paid by the owner. When the security interest is fully paid, the certificate of title shall be delivered to the secured party next in order of priority or, if none, then to the owner.
Terms Used In Virginia Code 46.2-641
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
- Semitrailer: means every vehicle of the trailer type so designed and used in conjunction with a motor vehicle that some part of its own weight and that of its own load rests on or is carried by another vehicle. See Virginia Code 46.2-100
- Trailer: means every vehicle without motive power designed for carrying property or passengers wholly on its own structure and for being drawn by a motor vehicle, including manufactured homes. See Virginia Code 46.2-100
- Vehicle: means every device in, on or by which any person or property is or may be transported or drawn on a highway, except personal delivery devices and devices moved by human power or used exclusively on stationary rails or tracks. See Virginia Code 46.2-100
Code 1950, § 46-74; 1958, c. 541, § 46.1-74; 1966, c. 558; 1989, c. 727.