2009 Iowa Code
Title 8 - Transportation
Subtitle 2 - Vehicles
CHAPTER 321 - MOTOR VEHICLES AND LAW OF THE ROAD
321.48 - VEHICLES ACQUIRED FOR RESALE.

        321.48  VEHICLES ACQUIRED FOR RESALE.
         1.  When the transferee of a vehicle is a dealer who holds the
      vehicle for resale and operates the vehicle only for purposes
      incident to a resale and displays a dealer plate on the vehicle or
      does not drive such vehicle or permit it to be driven upon the
      highways, such transferee shall not be required to obtain a new
      registration or a new certificate of title but upon transferring
      title or interest to another person shall execute and acknowledge an
      assignment and warranty of title upon the certificate of title
      assigned to the person and deliver the same to the person to whom
      such transfer is made.
         A dealer licensed pursuant to chapter 322 or chapter 322C who has
      acquired a vehicle for resale which is subject to a security interest
      as provided in section 321.50 and who has forwarded to the secured
      party the sum necessary to discharge the security interest may offer
      the vehicle for sale prior to the receipt from the county treasurer
      of the certificate of title for the vehicle with the lien discharged
      for a period of not more than thirty days from the date the vehicle
      was acquired and the provisions of section 321.104, subsection 2,
      shall not apply.
         2.  A foreign registered vehicle purchased or otherwise acquired
      by a dealer for the purpose of resale shall be issued a certificate
      of title for the vehicle by the county treasurer of the dealer's
      residence upon proper application as provided in this chapter and
      upon payment of a fee of five dollars and the dealer is exempt from
      the payment of any and all registration fees for the vehicle.  The
      application for certificate of title shall be made within thirty days
      after the vehicle comes within the border of the state.  However, a
      dealer acquiring a vehicle registered in another state which permits
      Iowa dealers to reassign that state's certificates of title shall not
      be required to obtain a new registration or a new certificate of
      title and upon transferring title or interest to another person shall
      execute an assignment upon the certificate of title for the vehicle
      to the person to whom the transfer is made and deliver the assigned
      certificate of title to the person.
         3.  In a transaction in which a vehicle is traded to a dealer as
      defined in chapter 322 or chapter 322C toward the purchase price of
      another vehicle and each vehicle is owned in whole or in part by the
      same person, the person acquiring the vehicle from the dealer shall
      be entitled to a credit under section 321.46.
         4.  Nothing in this section shall be construed to prohibit a
      dealer from obtaining a new certificate of title or new registration
      in the same manner as other purchasers.  

         Section History: Early Form

         [C24, 27, 31, 35, § 4965; C39, § 5002.04; C46, 50, 54, 58, 62,
      66, 71, 73, 75, 77, 79, 81, § 321.48] 

         Section History: Recent Form

         82 Acts, ch 1062, § 9, 38; 83 Acts, ch 82, § 3; 84 Acts, ch 1169,
      § 1; 84 Acts, ch 1305, § 54; 88 Acts, ch 1215, §7; 90 Acts, ch 1116,
      § 2; 99 Acts, ch 13, §7; 2003 Acts, ch 8, §11
         Referred to in § 321.23, 321.25, 321.30, 321.46, 321.49, 321.52A,
      321.71, 321.104, 331.557, 805.8A(2c)
         Surcharge imposed; § 321.52A
         For applicable scheduled fines, see §805.8A, subsection 2,
      paragraph c