(a) Upon receipt of an application for notation of security interest, the required
fee and accompanying documents required by G.S. 20-58, the Division, if it finds the application and accompanying documents in order, shall
either endorse upon the certificate of title or issue a new certificate of title containing,
the name and address of each secured party, and the date of perfection of each security
interest as determined by the Division. The Division shall deliver or mail the certificate to the first secured party named
in it and shall also notify the new secured party that his security interest has been
noted upon the certificate of title.
(b) If the certificate of title is in the possession of some prior secured party,
the Division, when satisfied that the application is in order, shall procure the certificate
of title from the secured party in whose possession it is being held, for the sole
purpose of noting the new security interest. Upon request of the Division, a secured party in possession of a certificate of
title shall forthwith deliver or mail the certificate of title to the Division. Such delivery of the certificate does not affect the rights of any secured party
under his security agreement.
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