Idaho Code § 49-527 Purpose of Transitional Ownership Document

• Library: Idaho Statutes
• Edition: 2023
• Currency: Current through the 2023 Regular Legislative Session
• Year: 2023
• Citation: Idaho Code § 49-527

The purpose of a transitional ownership document is to enable security interest to be perfected in a timely manner when the primary ownership document is not available. The transitional ownership document serves to perfect a lien against creditors or subsequent purchasers.

(1) To perfect a security interest the transitional ownership document must be received by the department or agent within thirty (30) days of the date of sale. To determine the thirty (30) days, exclude the first day (i.e., date of sale) and count each calendar day thereafter. If the thirtieth day falls on a weekend or holiday it is not counted; the last date the transitional ownership document will be accepted is the following business day of the department or agent.

(2) The lien will be perfected as of the date and time of filing consistent with section 49-510, Idaho Code.