(1) Except as otherwise provided in this section, the transferor of an interest in a vehicle covered by an Oregon title shall notify the Department of Transportation of the transfer within 10 days of the date of transfer. The notice shall be in a form determined by the department by rule.
(2) For purposes of giving notice under this section, if the transfer occurs by operation of law, the personal representative, receiver, trustee, sheriff or other representative or successor in interest of the person whose interest is transferred shall be considered the transferor.
(3) The requirements of this section do not apply upon creation, termination or change in a security interest or a leasehold interest or upon award of ownership of a motor vehicle made by court order.
(4) A vehicle dealer is exempt from the notice requirement of this section if the dealer:
(a) Transfers the vehicle to another dealer; or
(b) Submits an application for title to the vehicle on behalf of the buyer of the vehicle.
(5) Notification provided under this section is for informational purposes only and does not constitute an assignment or release of any interest in the vehicle. [1995 c.516 §2; 2003 c.121 §1]
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