2005 Idaho Code - 49-527 — PURPOSE OF TRANSITIONAL OWNERSHIP DOCUMENT

                                  TITLE  49
                                MOTOR VEHICLES
                                  CHAPTER 5
                                VEHICLE TITLES
    49-527.  PURPOSE OF TRANSITIONAL OWNERSHIP DOCUMENT. The purpose of a
transitional ownership document is to enable security interest to be perfected
in a timely manner when the primary ownership document is not available. The
transitional ownership document serves to perfect a lien against creditors or
subsequent purchasers.
    (1)  To perfect a security interest the transitional ownership document
must be received by the department or agent within twenty (20) days of the
date of sale. To determine the twenty (20) days, exclude the first day (i.e.,
date of sale) and count each calendar day thereafter. If the twentieth day
falls on a weekend or holiday it is not counted, the last date the temporary
ownership document will be acceptable is bumped to the next department or
agent working day.
    (2)  The lien will be perfected as of the date and time of filing
consistent with section 49-510, Idaho Code.
    (3)  The transitional ownership document is not intended to supersede the
requirements of section 49-504, Idaho Code, but rather to provide an
alternative method of lien perfection.
    (4)  Once a temporary ownership document has been filed with the
department or agent, the primary ownership document must be received by the
department or agent within ninety (90) calendar days from the date of the
security agreement or contract. To determine ninety (90) days, exclude the
first day (i.e., day of sale) and count each calendar day thereafter. If the
ninetieth day falls on a weekend or holiday, the last date the temporary
ownership document may be used to determine date of security interest
perfection is bumped to the next department or agent working day.