§ 46.12.005. Definitions
The definitions set forth in this section apply throughout this chapter.
(1) The words "delivery," "notice," "send," and "security interest" have the same meaning as these terms are defined in RCW 62A.1-201; the word "secured party" has the same meaning as this term is defined in RCW 62A.9A-102.
(2) "Salvage vehicle" means a vehicle whose certificate of ownership has been surrendered to the department under RCW 46.12.070 due to the vehicle's destruction or declaration as a total loss or for which there is documentation indicating that the vehicle has been declared salvage or has been damaged to the extent that the owner, an insurer, or other person acting on behalf of the owner, has determined that the cost of parts and labor plus the salvage value has made it uneconomical to repair the vehicle. The term does not include a motor vehicle having a model year designation of a calendar year that is at least six years before the calendar year in which the vehicle was wrecked, destroyed, or damaged, unless, after June 13, 2002, and immediately before the vehicle was wrecked, destroyed, or damaged, the vehicle had a retail fair market value of at least the then market value threshold amount and has a model year designation of a calendar year not more than twenty years before the calendar year in which the vehicle was wrecked, destroyed, or damaged. "Market value threshold amount" means six thousand five hundred dollars or such greater amount as is then in effect by rule of the department in accordance with this section. If, for any year beginning with 2002, the Consumer Price Index for All Urban Consumers, compiled by the Bureau of Labor Statistics, United States Department of Labor, or its successor, for the West Region, in the expenditure category "used cars and trucks," shows an increase in the annual average for that year compared to that of the year immediately prior, the department shall, by rule, increase the then market value threshold amount by the same percentage as the percentage increase of the annual average, with the increase of the market value threshold amount to be effective on July 1st of the year immediately after the year with the increase of the annual average. However, the market value threshold amount may not be increased if the amount of the increase would be less than fifty dollars, and each increase of the market value threshold amount will be rounded to the nearest ten dollars. If an increase in the market value threshold amount is not made because the increase would be less than fifty dollars, the unmade increase will be carried forward and added to later year calculations of increase until the unmade increase is included in an increase made to the market value threshold amount.
[2002 c 245 § 1; 1996 c 26 § 1; 1967 c 140 § 5.]
Notes:
Effective date -- 1967 c 140: See note following RCW 46.12.010.
Sections: 46.12.005 46.12.010 46.12.020 46.12.030 46.12.040 46.12.042 46.12.045 46.12.047 46.12.050 46.12.055 46.12.060 46.12.070 46.12.075 46.12.080 46.12.095 Next
Last modified: April 7, 2009