2000 Minnesota Statutes

     168A.20 Satisfaction of security interest. 

    Subdivision 1.    Certificate with latest secured party; 
 release.  Upon the satisfaction of a security interest in a 
 vehicle for which the certificate of title is in the possession 
 of the secured party, the secured party shall within 15 days, or 
 seven days if satisfied by a dealer licensed under section 
 168.27, subdivision 2, 3, or 4, execute a release of security 
 interest in the space provided therefor on the certificate or as 
 the department prescribes, and mail or deliver the certificate 
 and release to the next secured party named therein, or if none, 
 to the owner or any person who delivers to the secured party an 
 authorization from the owner to receive the certificate.  The 
 owner, other than a dealer holding the vehicle for resale, shall 
 promptly cause the certificate and release, together with the 
 required fees and taxes, to be mailed or delivered to the 
 department, which shall release the secured party's rights on 
 the certificate or issue a new certificate. 

    Subd. 1a.    Title issued before July 1, 1990.  For 
 titles issued to the secured party before July 1, 1990, the 
 secured party shall hold the certificate of title until the 
 security interest is satisfied. 

    Subd. 2.    Certificate with prior secured party; release. 
  Upon the satisfaction of a security interest in a vehicle for 
 which the certificate of title is in the possession of a prior 
 secured party, the secured party whose security interest is 
 satisfied shall within 15 days, or seven days if satisfied by a 
 dealer licensed under section 168.27, subdivision 2, 3, or 4, 
 execute a release in the form the department prescribes and 
 deliver the release to the owner or any person who delivers to 
 the secured party an authorization from the owner to receive 
 it.  The secured party in possession of the certificate of title 
 shall either deliver the certificate to the owner, or the person 
 authorized by the owner, for delivery to the department, or upon 
 receipt of the release, mail or deliver it with the certificate 
 to the department, which shall release the subordinate secured 
 party's rights on the certificate or issue a new certificate. 

    Subd. 3.    Certificate with owner.  Upon the 
 satisfaction of a security interest in a vehicle for which the 
 certificate of title is in the possession of the owner, the 
 secured party shall within 15 days, or seven days if satisfied 
 by a dealer licensed under section 168.27, subdivision 2, 3, or 
 4, execute a release of security interest on the form prescribed 
 by the department and mail or deliver the notification with 
 release to the owner or any person who delivers to the secured 
 party an authorization from the owner to receive the release. 

    Subd. 4.    Satisfaction of lien for child support; 
 release.  If the secured party is a public authority or a 
 child support or maintenance obligee with a lien under section 
 168A.05, subdivision 8, upon either the satisfaction of a 
 security interest in a vehicle for which the certificate of 
 title is in the possession of the owner, or the execution by the 
 owner of a written payment agreement determined to be acceptable 
 by the court, a child support magistrate, the public authority, 
 or the obligee, within 15 days, or seven days if satisfied by a 
 dealer licensed under section 168.27, subdivision 2, 3, or 4, 
 the secured party shall execute a release of security interest 
 on the form prescribed by the department and mail or deliver the 
 notification with release to the owner or any person who 
 delivers to the secured party an authorization from the owner to 
 receive the release. 

    HIST: 1971 c 162 s 20; 1978 c 655 s 1; 1980 c 369 s 1; 1986 c 
 444; 1989 c 148 s 12-14; 1995 c 257 art 1 s 7; 1999 c 131 s 1; 
 1999 c 196 art 2 s 2