60-141 Dealer; inventory; certificates required; when.
60-141. Dealer; inventory; certificatesrequired; when.A dealer need not apply for certificatesof title for any vehicles in stock or acquired for stock purposes, but upontransfer of such vehicle in stock or acquired for stock purposes, the dealershall give the transferee a reassignment of the certificate of title on suchvehicle or an assignment of a manufacturer's or importer's certificate. Ifall reassignments on the manufacturer's or importer's certificate have beenused, the dealer may attach a dealer assignment form prescribed by the departmentprior to any subsequent transfer. If all reassignments on the dealer assignmentform or the certificate of title have been used, the dealer shall obtain titlein the dealer's name prior to any subsequent transfer. No dealer shall executea reassignment on or transfer ownership by way of a manufacturer's statementof origin unless the dealer is franchised by the manufacturer of the vehicle. SourceLaws 2005, LB 276, § 41; Laws 2008, LB756, § 2.AnnotationsPurchasers,other than dealers, must acquire certificate of title. State Farm Mutual AutoIns. Co. v. Drawbaugh, 159 Neb. 149, 65 N.W.2d 542 (1954).Concludingproviso does not exempt dealer from having mortgage lien noted on certificateof title. Bank of Keystone v. Kayton, 155 Neb. 79, 50 N.W.2d 511 (1951).Amotor vehicle mortgage lien, not shown on certificate of title, is not validagainst subsequent holder of mortgage lien shown on the certificate. SecuritiesCredit Corp. v. Pindell, 153 Neb. 298, 44 N.W.2d 501 (1950).