OAR 735-020-0030. Perfection of a Security Interest — Withdrawal of Transitional Ownership Document Required

(1) If an application for title, along with the primary ownership document, will be submitted to Driver and Motor Vehicle Services Division of the Department of Transportation (DMV) within 90 days of the date of the vehicle’s sale or the signing of a security agreement or contract, the security interest holder or person who submitted the TOD to DMV must immediately submit a notice withdrawing the TOD when: (a) Submitting a subsequent TOD for the vehicle, as provided in OAR 735-020-0015; or (b) The security interest holder’s security interest in the vehicle is released before the vehicle title is issued. (2) The notice withdrawing the TOD must be in writing and contain the following: (a) A statement requesting that the TOD previously submitted be withdrawn; (b) The name and signature of the security interest holder or the person who submitted the TOD on behalf of the security interest holder; and (c) Information sufficient for DMV to locate and identify the TOD, such as: (A) The vehicle identification number; (B) The name of each registered owner; and (C) The name and address of the security interest holder.