2006 New Mexico Statutes - 66-3-118 — Manufacturer\'s certificate of origin; transfer of vehicle not previously registered.

66-3-118. Manufacturer's certificate of origin; transfer of vehicle not previously registered.

A.     Whenever a manufacturer or the agent or distributor of such manufacturer shall transfer a vehicle, not previously registered, to a dealer in this state, the manufacturer, agent or distributor, at the time of transfer of the vehicle, shall deliver to the dealer a manufacturer's certificate of origin. Such certificate shall be signed by the manufacturer and shall specify that the vehicle described therein has been transferred to the dealer named therein, and that such transfer is the first transfer of the vehicle in ordinary trade and commerce.   

B.     Any dealer, when transferring a vehicle, not previously registered, to another dealer, shall, at the time of transfer, give the transferee the proper manufacturer's certificate of origin fully assigned to the transferee.   

C.     When a vehicle not previously registered is transferred to a dealer who does not hold a franchise, granted by the manufacturer of the vehicle, to sell that type or model of vehicle, the transferee must obtain a registration of the vehicle and certificate of title, but shall not be required to pay the excise tax imposed by Section 66-6-27 [repealed] NMSA 1978.