§ 13-203. Perfection of security interest -- By owner

   (a) Scope of section. -- If an owner creates a security interest in a vehicle, the provisions of this section apply.

(b) Application by owner. -- The owner immediately shall execute the application in the space provided for this purpose on the certificate of title or on the separate form that the Administration otherwise requires, naming the secured party on the certificate of title and showing the name and address of the secured party, the amount of the security interest, and the date of his security agreement.

(c) Delivery of certificate and application. -- The owner immediately shall deliver the certificate of title and application to the Administration.

(d) Payment of fee by secured party; time of perfection. --

   (1) At the time of delivery of the documents required by this section to the Administration, the secured party shall pay to the Administration the same filing fee as is required for perfection of the security interest under § 13-202 of this subtitle.

   (2) The security interest is perfected at the time of its creation, if the delivery and payment to the Administration are completed within 10 days of the date of its creation. Otherwise, the security interest is perfected at the time of the delivery and payment.

(e) Endorsement by Administration. -- On receipt of the certificate of title, the application, and the required filing fee, the Administration shall:

   (1) Endorse the existing certificate of title or a new certificate issued by it with the name and address of each secured party; and

   (2) Deliver the endorsed certificate of title to the owner named on it.

HISTORY: An. Code 1957, art. 66 1/2, § 3-203; 1977, ch. 14, § 2; 1986, ch. 472, § 1.