Motor vehicles-security interest perfection.

20LSO-0473
2020
STATE OF WYOMING
20LSO-0473
Introduced
2.0

SENATE FILE NO. SF0063

Motor vehicles-security interest perfection.

Sponsored by: Senator(s) Case and Representative(s) Furphy and Kinner

A BILL

for

AN ACT relating to motor vehicles; modifying requirements for perfection of a security interest; and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1
.

W.S. 31
‑
2
‑
801(a)(i), (ii), (b) and (f) is amended to read:

31
‑
2
‑
801.

Perfection of a security interest in a vehicle or motor vehicle.

(a)

Two (2) steps are required for perfection of a security interest in a vehicle or motor vehicle required to be licensed as hereinafter defined:

(i)

A financing statement or security agreement must be
filed in
delivered to
the office of the county clerk of the county in which the vehicle is located; and

(ii)

A notation of the security interest must be endorsed on the certificate of title to the vehicle or motor vehicle, the endorsement to be made
concurrently with the filing
as of the time of delivery
of the financing statement or security agreement.

(b)

Each owner of a vehicle or motor vehicle concerning which an original or substitute certificate of title has been issued who encumbers the title thereto, shall deliver the certificate to the holder of the security interest who, within five (5) days thereafter, shall deliver the certificate to the clerk of the county in which the vehicle is located, and the clerk shall then endorse on the face of the certificate appropriate notation showing
the date and amount of the security interest, and the name of the secured party. If
such
the
clerk issued the certificate, he shall immediately endorse the same security interest data on the certificate copy on file in his office. If the certificate was issued in some other county or state, he shall promptly transmit to the state or county officer who issued the certificate the same security interest data and
such
the
other officer shall promptly endorse same on the certificate copy on file in his office. Every financing statement or security agreement when
filed
delivered
pursuant to the provisions of this subsection shall take effect and be in force from and after the time
of filing
the secured party delivers the financing statement or security agreement to the office of the county clerk of the county in which the vehicle is located
and not before, as to all creditors, subsequent purchasers, and holders of a security interest in good faith for valuable consideration and without notice.

(f)

When the certificate of title to the vehicle or motor vehicle is not available for perfection under subsection (a) of this section, a "transitional ownership
document", on a form prescribed by the department of transportation, may be
filed
delivered
with the financing statement or security agreement and the fee as specified in W.S. 18
‑
3
‑
402(a)(xvi)(T) to enable a security interest to be perfected in a timely manner. The transitional ownership document serves to perfect a lien upon the
date of filing
time the financing statement or security agreement and the appropriate fee are delivered
as to all creditors, subsequent purchasers and holders of a security interest in good faith for valuable consideration and without notice. No endorsement on the transitional ownership document is required to perfect the security interest. Within ninety (90) days from the date of the financing statement or security agreement, the certificate of title shall be filed along with a five dollar ($5.00) fee with the county clerk. If the certificate of title is not timely filed, the transitional ownership document is invalid, without force and effect.

Section 2
.

This act is effective July 1, 2020
.

(END)

1
SF0063