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For example, in Ohio, a vehicle owner who wishes to sell a car that has an ELT must first have the lien released by paying the lienholder the remaining amount owed on the lien. The lienholder then releases their lien electronically which allows the customer to pick up the title directly from the Ohio BMV on the following business day. Some ...
Vehicle titles are also used for car title loans, in which a car owner gives the vehicle lender their vehicle title as collateral in exchange for a loan. In addition to the vehicle title, lenders often also require the borrower to provide a set of keys for the car and/or purchase a roadside service plan.
Electronic Lien Release Service Now Available in Maine Secretary of State Matthew Dunlap reminds lending institutions they now have the ability to release their liens on motor vehicle title ...
If the vehicle is towed by a public agency or private towing company, the lien arises when the vehicle is towed or transported. The lien may be satisfied by selling the vehicle through the lien sale process. To conduct a lien sale, the person/lienholder must have possession of the vehicle and may require lien sale authorization from the State's ...
A UCC-1 financing statement (an abbreviation for Uniform Commercial Code-1) is a United States legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor (a person who owes a debt to the creditor as typically specified in the agreement creating the debt).
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