2006 Minnesota Statutes

168A.172 CHARITABLE INTEREST.
    Subdivision 1. Agreement. Notwithstanding any law to the contrary, a holder of a limited
used vehicle license (limited dealer) as described in section 168.27, subdivision 4a, may retain a
charitable interest in a motor vehicle donated by the limited dealer to an individual without
charge and for a charitable purpose. The limited dealer and the transferee may enter into a written
agreement describing the nature, extent, and terms of the retained charitable interest.
    Subd. 2. Perfection. A charitable interest is perfected by the delivery to the department of
the existing certificate of title, if any, an application for a certificate of title containing the name
and address of the limited dealer, the date of the limited dealer's charitable agreement, and the
required fee. A charitable interest is perfected as of the time of the delivery.
    Subd. 3. Satisfaction of charitable interest. Upon the satisfaction of a charitable interest
described in subdivision 1, in a vehicle for which the certificate of title is in the possession of
the owner, the limited dealer shall within seven days execute a release of interest in the format
prescribed by the department and mail or deliver the notification with release to the owner or any
person who delivers to the limited dealer an authorization from the owner to receive the release.
The limited dealer may notify the registrar of the satisfaction of interest in a manner prescribed by
the department.
History: 2006 c 228 s 1