The certificate of title of a motor vehicle, trailer, or semitrailer shall be delivered to the person holding the security interest having first priority on the motor vehicle, trailer, or semitrailer and retained by him until the entire amount of his security interest is fully paid by the owner. When the security interest is fully paid, the certificate of title shall be delivered to the secured party next in order of priority or, if none, then to the owner.
Va. Code Ann. § 46.2-641
Who to hold certificate of title subject to security interest
Applied in 1 court decision — leading case General Electric Capital Corp. v. Spring Grove Transport, Inc. (In Re Spring Grove Transport, Inc.) (1996)
Most recently applied in General Electric Capital Corp. v. Spring Grove Transport, Inc. (In Re Spring Grove Transport, Inc.) (July 1996)
Code 1950, § 46-74; 1958, c. 541, § 46.1-74; 1966, c. 558; 1989, c. 727.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.