15-1-118. Reversal of declaration that manufactured home is real property. (1) A manufactured home previously declared to be real property under the provisions of 15-1-116 must be considered as personal property for tax purposes if:

(a) the manufactured home is removed from its permanent foundation and running gear is attached so that it is capable of being moved over public highways; and

(b) the owner records a statement of reversal of declaration, on a form provided by the department of justice, with the county clerk and recorder of the county in which the manufactured home has been located and treated as real property.

(2) (a) In order to restore a certificate of title of a manufactured home, the owner shall file a statement of reversal of declaration as provided in subsection (3).

(b) The statement of reversal of declaration must include:

(i) the serial number of the manufactured home;

(ii) the legal description of the real property from which the manufactured home will be removed;

(iii) a description of any security interests in the manufactured home or real property from which it will be removed;

(iv) approval from all lienholders of the intent to restore the certificate of origin or certificate of title; and

(v) an acknowledgment of the owner's signature.

(3) (a) The statement of reversal of declaration must be presented to the county clerk and recorder of the county in which the manufactured home was treated as real property. The clerk and recorder shall forward a copy of the statement to the department of justice. The department of justice shall provide the owner with a restored certificate of origin or certificate of title.

(b) Within 5 days of receipt of the fee required in 61-3-203, the county treasurer shall:

(i) enter the transfer of interest on the electronic record of title;

(ii) issue the owner a transaction summary receipt; and

(iii) forward the statement of reversal of declaration to the department of justice.

(c) The county treasurer may not issue the transaction summary receipt unless all taxes, interest, and penalties on the real property have been paid.

(d) The department of justice shall provide to the owner a statement in recordable form, which the owner shall record, that the process of restoring the certificate of origin or certificate of title has been completed.

(4) A manufactured home may be physically removed from the real property on which it was located when it was treated as real property upon the owner's compliance with the provisions of subsections (1) through (3) and other applicable state law.

(5) A manufactured home that has been declared personal property in accordance with this section must be treated by the department and lending institutions in the same manner as any other residence that is classified as personal property.