61-3-205. Transfer of ownership of vehicles by insurance company. (1) When an insurance company or its adjuster has taken possession of a motor vehicle as a result of settling an insurance claim and transfers ownership of the motor vehicle, it shall deliver to the transferee at the time of transfer a certificate of ownership signed and acknowledged by the registered owner or owners before the county treasurer, a deputy county treasurer, or a notary public.
     (2) If the certificate of ownership names one or more holders of a perfected security interest in the motor vehicle, the insurance company or its adjuster shall also secure and deliver to the transferee a release from the secured party of the security interest.

     History: En. Sec. 1, Ch. 12, L. 1981; amd. Sec. 4, Ch. 363, L. 1989; amd. Sec. 4, Ch. 724, L. 1991.