OAR 735-020-0075
Release or Assignment of Interest; Oregon Title or Salvage Title
(1)
Definitions. For purposes of ORS 803.094 (Release or assignment of title interest) and this rule:(a)
“Affiant” means the person who signs a small estate affidavit filed under ORS 114.515 (Small estate affidavit);(b)
“Assign,” “assignment” or “assignment of interest” means the act of a lien holder, owner, or security interest holder transferring his or her interest in a vehicle to another person by signing the release section on an Oregon title, a secure odometer form, a bill of sale, or other document showing the transfer of the interest;(c)
“Authorized agent” means a person given a power of attorney by the owner of a vehicle for the purposes of transferring an interest in the vehicle;(d)
“DMV” means the Driver and Motor Vehicle Services Division of the Oregon Department of Transportation;(e)
“Estate” means the real and personal property of a decedent;(f)
“Heir” means the person who is entitled under intestate succession to the property of a decedent who died wholly or partially intestate (without a will);(g)
“Interest” means a right, claim or legal share in a vehicle shown on an Oregon title, or other ownership document described in subsection (k) of this section;(h)
“Interest holder” means a lien holder, owner, or security interest holder;(i)
“MCO” means a Manufacturer’s Certificate of Origin;(j)
“Operation of law” means a transfer or assignment of interest in a vehicle from one person to another person due to death, divorce, merger, consolidation, dissolution, bankruptcy, inheritance, devise or bequest, court order, dissolution decree, insolvency, seizure or foreclosure;(k)
“Other ownership document” means a primary ownership document as described in OAR 735-020-0010 (Perfection of Security Interest; Primary Ownership Document). For example, MCO, a sheriff’s bill of sale, a court judgment or a completed signed Certification of Ownership Facts (DMV Form 735-550);(l)
“Person” means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, governmental agency, public corporation or a legal or commercial entity;(m)
“Release” or “release of interest” means the act of a lien holder, owner, or security interest holder transferring an interest in a vehicle by signing the release section on an Oregon title, a secure odometer form, a bill of sale, or other document showing the transfer of the interest. For purposes of these rules, transferring includes release, termination, assignment or transfer of an interest;(n)
“Representative,” “authorized agency representative” or “personal representative” means a personal representing agent, government official, receiver, trustee, executor, administrator, or other representative with lawful right or authority to transfer an interest in a vehicle on behalf of the owner or by operation of law;(o)
“Title” means an Oregon certificate of title, Oregon salvage title, other ownership document or electronic equivalent issued by DMV, as evidence of ownership interest in a vehicle recorded in DMV’s records;(p)
“Transferee” means a person to whom an interest in a vehicle is transferred, including but not limited to a purchaser of the vehicle;(q)
“Transferor” means any person who transfers an interest in a vehicle.(r)
“VIN” means vehicle identification number.(2)
General Requirements. Except as provided in section (6) of this rule, upon transferring an interest in an Oregon-titled vehicle, any person whose interest is released, terminated, assigned or transferred, or the person’s representative, must release or assign that interest in writing. A release or assignment document must include the following:(a)
For the vehicle subject to the transfer, the make, model year, license plate number (if available) and VIN;(b)
The full name and signature of the transferor(s), or the transferor’s representative;(c)
If available, the date the interest in the vehicle was released or assigned; and(d)
A statement or other indicator in the document that the vehicle was sold, ownership was transferred or released, or any interest, including a lien or security interest, was assigned, released, terminated or transferred.(3)
Although not required, a release or assignment document should include the name of the transferee.(4)
DMV will accept the following as a release or assignment document:(a)
The current title issued for the vehicle with the release/assignment section completed by the transferor(s) or the transferor(s) authorized agent;(b)
The vehicle’s MCO with the release section completed by the dealer.(c)
A completed odometer disclosure that meets the requirements of ORS 803.120 (Odometer disclosure), 803.122 (Information required) and OAR 735-028-0050 (Odometer Disclosure Requirements Upon Transfer of Interest — When and from Whom Required); or(d)
A bill of sale or other document that meets the requirements of section (2) of this rule.(5)
Additional Requirements. In addition to the requirements of section (2) of this rule, a release or assignment of interest for a vehicle with a salvage title must comply with OAR 735-024-0170 (Salvage Title — Assignment, Transfer, Requirements for Surrender).(6)
Operation of Law. In addition to other applicable requirements of this rule, if an interest in a vehicle is transferred by operation of law as described in this section, a representative, an authorized agency representative, personal representative, heir, affiant, security interest holder, or lien claimant must release or assign the interest in the vehicle as follows:(a)
Transfer of Interest upon Death. The personal representative of an estate must sign the release or assignment document unless DMV receives:(A)
If the owner of the vehicle died intestate, an Inheritance Affidavit (DMV Form 735-516) signed by all of the heirs; or(B)
A Small Estate Certification (DMV Form 735-6797) signed by the affiant;(b)
Vehicle Repossession. The security interest holder or representative of the security interest holder must sign a Vehicle Repossession Certificate (DMV Form 735-263).(c)
Possessory Lien Foreclosure. A lien claimant must fulfill all legal requirements to foreclose a possessory lien on the vehicle and sign a certificate of possessory lien foreclosure form as specified in OAR 735-020-0012 (Application for Title by Possessory Lien Foreclosure).(d)
Government Agency. A government agency may transfer interest in a vehicle in its custody, if it complies with relevant legal requirements and, at the time of transfer, provides the transferee a certificate of sale, bill of sale or similar document that contains:(A)
A citation of the legal authority authorizing the government agency to transfer or assign interest in the vehicle;(B)
The make, model, year and VIN of the vehicle subject to the transfer; and(C)
The full name and signature of an authorized agency representative.(7)
A person who assigns or releases a partial interest in a vehicle but will remain on the vehicle title as an owner, does not need to complete an assignment or release document. However, the person must acknowledge that the addition of a new owner on the title is authorized by signing:(a)
A title application that lists the additional owner; or(b)
A written document that identifies and permits the addition of the additional owner on the title.
Source:
Rule 735-020-0075 — Release or Assignment of Interest; Oregon Title or Salvage Title, https://secure.sos.state.or.us/oard/view.action?ruleNumber=735-020-0075.