1. In the case of dealers, a certificate of ownership or proof that a dealer has applied
for a certificate of ownership or that a prior lien has been satisfied by the dealer
shall be required in the case of each motor vehicle in his possession, and the director
of revenue shall determine the form in which application for such certificates of
ownership and assignments shall be made, in case forms differing from those used for
individuals are, in his judgment, reasonably required; provided, however, that no
such certificates shall be required in the case of new motor vehicles or trailers
sold by manufacturers to dealers.
2. Dealers shall execute and deliver manufacturer's statements of origin in accordance
with forms prescribed by the director of revenue for all new cars sold by them. On the presentation of a manufacturer's statement of origin, executed in the form
prescribed by the director of revenue, by a manufacturer or a dealer for a new car
sold in this state, a certificate of ownership shall be issued.
3. Each certificate of ownership issued by the department of revenue shall contain
space for four assignments. On all certificates of ownership containing fewer than four assignment spaces, the
director shall prescribe a secure document for use in making a fourth assignment by
a dealer. All secure documents for assignments which are spoiled shall be marked “void” and
shall be returned by the dealer to the department of revenue at the end of each month.
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