US Laws, Codes, Statutes & Cases

     32-3-44.   Release noted on discharge of lien--Notification to secretary--Liability for failure to release--Delivery of certificate after entry of discharge. If a lien is discharged, the lien holder shall execute a release within twenty days after final payment is received, the release shall contain the certificate of title number and the date of the notation. The lien holder shall deliver the release (and certificate of title if held by him) to any county treasurer. The treasurer shall note the cancellation of the lien on the face of the certificate of title and on the same day shall notify the secretary. The secretary shall cancel the lien on the state's computer system, if the county treasurer has not done so. If the certificate of title is lost as set forth in § 32-3-29, application for duplicate title may be forwarded along with the release to the department. The department shall cancel the lien. For failure to comply with these provisions relating to releasing a lien, the lien holder shall be liable to the owner for all damages sustained by the owner. The county treasurer shall mail or deliver the certificate of title to the owner, or as otherwise directed by the owner. Upon the satisfaction of a security interest in a motor vehicle, trailer or semitrailer for which the certificate of title is in the possession of the owner, the secured party shall within twenty days after final payment is received, execute a release of security interest on the form prescribed by the department and mail or deliver such release to the owner or as otherwise directed by the owner.

Source: SDC 1939, § 44.0203 (1) as added by SL 1951, ch 229, § 3; SL 1965, ch 186, § 3; SL 1989, ch 257, § 40; SL 1990, ch 229, § 5; SL 1993, ch 219, § 4; SL 2003, ch 160, § 7.