2005 Washington Revised Code RCW 46.12.103: Transitional ownership record.

(1) The purpose of a transitional ownership record is to enable a security interest in a motor vehicle to be perfected in a timely manner when the certificate of ownership is not available at the time the security interest is created, and to provide for timely notification to security interest holders under chapter 46.55 RCW.

     (2) A transitional ownership record is only acceptable as an ownership record for vehicles currently stored on the department's computer system and if the certificate of ownership or other authorized proof of ownership for the motor vehicle is not in the possession of the selling vehicle dealer or new security interest holder at the time the transitional ownership record is submitted to the department.

     (3) A person shall submit the transitional ownership record to the department or to any of its agents or subagents. Agents and subagents shall immediately electronically transmit the transitional ownership records to the department. A transitional ownership document processed and recorded by an agent or subagent may be subject to fees as specified in RCW 46.01.140 (4)(a) or (5)(b).

     (4) "Transitional ownership record" means a record containing all of the following information:

     (a) The date of sale;

     (b) The name and address of each owner of the vehicle;

     (c) The name and address of each security interest holder;

     (d) If there are multiple security interest holders, the priorities of interest if the security interest holders do not jointly hold a single security interest;

     (e) The vehicle identification number, the license plate number, if any, the year, make, and model of the vehicle;

     (f) The name of the selling dealer or security interest holder who is submitting the transitional ownership record; and

     (g) The transferee's driver's license number, if available.

     (5) The report of sale form prescribed or approved by the department under RCW 46.12.101 may be used by a vehicle dealer as the transitional ownership record.

     (6) Compliance with the requirements of this section shall result in perfection of a security interest in the vehicle as of the date the department receives the transitional ownership record and any fee required under subsection (3) of this section. Within ten days of receipt of the certificate of ownership for the vehicle, or of written confirmation that only an electronic record of ownership exists or that the certificate of ownership has been lost or destroyed, the selling dealer or new security interest holder shall promptly submit the same to the department together with an application for a new certificate of ownership containing the name and address of the secured party and tender the required fee as provided in RCW 46.12.095(1). In the event a secured party fails to submit an application within the ten-day time period provided in this subsection (6), its security interest shall become unperfected, unless the security interest is perfected otherwise.

[2000 c 250 § 9A-823; 1998 c 203 § 12.]

Effective date -- 2000 c 250: See RCW 62A.9A-701.      Finding -- 1998 c 203: See note following RCW 46.55.105.