Virginia Code 46.2-642: Release of security interest shown on certificate of title.
When an owner secures the release of any security interest on a motor vehicle, trailer, or semitrailer shown on its certificate of title, he may exhibit the documents evidencing the release, signed by the person or persons making the release, and the certificate of title to the Department. However, when it is impossible to secure the release from the secured party, the owner may exhibit to the Department whatever evidence may be available showing that the debt secured has been satisfied, together with a statement by the owner under oath that the debt has been paid. The Department, when satisfied as to the genuineness and regularity of the release, shall issue to the owner either a new certificate of title or an endorsement or rider showing the release of the security interest, which the Department shall attach to the outstanding certificate of title.
Terms Used In Virginia Code 46.2-642
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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, § 46-75; 1958, c. 541, § 46.1-75; 1966, c. 558; 1972, c. 249; 1989, c. 727.