700.360. Creation of lien or encumbrance by owner, duties, failure to perform, penalty--subordinate lienholders, perfection procedure--new certificate issued, when.
Creation of lien or encumbrance by owner, duties, failure to perform,penalty--subordinate lienholders, perfection procedure--newcertificate issued, when.
700.360. If an owner creates a lien or encumbrance on a manufacturedhome:
(1) The owner shall immediately execute the application, either inthe space provided therefor on the certificate of title or on a separateform the director of revenue prescribes, to name the lienholder on thecertificate of title, showing the name and address of the lienholder andthe date of his security agreement, and shall cause the certificate oftitle, the application and the required fee to be mailed or delivered tothe director of revenue. Failure of the owner to do so, including namingthe lienholder in such application, is a class A misdemeanor;
(2) The lienholder or an authorized agent licensed pursuant tosections 301.112 to 301.119, RSMo, shall deliver to the director of revenuea notice of lien as prescribed by the director of revenue accompanied byall other necessary documentation to perfect a lien as provided in thissection;
(3) To perfect a lien for a subordinate lienholder when a transfer ofownership occurs, the subordinate lienholder shall either mail or deliver,or cause to be mailed or delivered, a completed notice of lien to thedepartment of revenue, accompanied by authorization from the firstlienholder. The owner shall ensure the subordinate lienholder is recordedon the application for title at the time the application is made to thedepartment of revenue. To perfect a lien for a subordinate lienholder whenthere is no transfer of ownership, the owner or lienholder in possession ofthe certificate shall either mail or deliver, or cause to be mailed ordelivered, the owner's application for title, certificate, notice of lien,authorization from the first lienholder and title fee to the department ofrevenue. The delivery of the certificate and executing a notice ofauthorization to add a subordinate lien does not affect the rights of thefirst lienholder under the security agreement;
(4) Upon receipt of the documents and fee required in subdivision (3)of this section, the director of revenue shall issue a new certificate ofownership containing the name and address of the new lienholder, and shallmail the certificate as prescribed in section 700.355, or if a lienholderwho has elected for the director of revenue to retain possession of anelectronic certificate of ownership, the lienholder shall either mail ordeliver to the director a notice of authorization for the director to add asubordinate lienholder to the existing certificate. Upon receipt of suchauthorization, a notice of lien and required documents and title fee, ifapplicable, from a subordinate lienholder, the director shall add thesubordinate lienholder to the certificate of ownership being electronicallyretained by the director and provide confirmation of the addition to bothlienholders.
(L. 1985 S.B. 152 § 700.160, A.L. 2002 H.B. 2008 merged with S.B. 895)Effective 8-28-02 (H.B. 2008)
7-01-03 (S.B. 895)