33.05.040 Duties on Creation of Security Interests

If an owner creates a security interest in a vehicle:

(a) The owner shall immediately execute, in the space provided therefore on the certificate of title or on a separate form prescribed by the Director, an application to name the security party on the certificate, showing the

name and address of the secured party and the date of the security agreement, and cause the certificate, application and the required fee to be delivered to the secured party.

(b) The secured party shall immediately cause the certificate, application, and the required fee to be mailed or delivered to the Director.

(c) Upon receipt of the certificate of title, application and the required fee, the Director shall issue to the owner a new certificate containing the name and address of the new secured party.