Section 140 IAC 6-1-15.5 - Repossession title; resaleAuthority: IC 9-14-8-3
Affected: IC 6-2.5; IC 9-17-2; IC 9-17-5-2
Sec. 15.5.
(a) To obtain a certificate of title under IC 9-17-5-2, a lienholder who repossessed a vehicle must submit an application using the bureau's designated form and comply with the requirements of IC 9-17-2 to obtain a title.(b) If the original lienholder assigned the lien to a financial institution that repossessed the vehicle, then the financial institution must obtain an affidavit from the original lienholder indicating the assignment of the lien or present the properly executed Indiana title with its front indicating the assignment of the lienholder's interest.(c) If there are multiple lienholders recorded on the title: (1) the first lienholder can repossess the vehicle without proof of lien release from a subsequent lienholder or lienholders; and(2) a subsequent lienholder or lienholders must have proof of lien release from the prior lienholder or lienholders in order to repossess the vehicle.(d) The lienholder must not sell a repossessed vehicle without first obtaining a certificate of title in the lienholder's name. Bureau of Motor Vehicles; 140 IAC 6-1-15.5; filed Oct 7, 2008, 10:23 a.m.: 20081105-IR-140080215FRAReadopted filed 11/3/2014, 1:43 p.m.: 20141203-IR-140140375RFAFiled 10/5/2017, 9:34 a.m.: 20171101-IR-140160492FRAThe readopted version of this section by 6/28/2023, 2:55 p.m.: 20230726-IR-140230399RFA is not yet available.