OAR 735-020-0015: Transitional Ownership Document — Limited Ownership Document

(1) "Transitional ownership document" (TOD) as used in OAR 735-020-0010 through 735-020-0040, is a document that: (a) Is only valid when in the possession of the Driver and Motor Vehicle Services Division (DMV) of the Department of Transportation, and so long as it has not been returned, rejected or invalidated by DMV; (b) Is evidence of ownership and is an application for notation of a security interest, as used in ORS 803.097, and subsequently may be invalidated as such; (c) Is not negotiable; and (d) Shall not by itself be evidence of a person's ownership or right to title. (2) As used in this rule and ORS 803.136, 30 days or 90 days means calendar days excluding the actual date of sale or date the security agreement or contract was signed. If the last day of the 30 or 90-day period falls on a Saturday or legal holiday, including Sunday, the TOD will be accepted if received by DMV on the first business day following the Saturday or legal holiday. (3) The date DMV receives a TOD shall be considered the date requirements for perfection of a security interest were met, unless DMV rejects, returns, or invalidates the TOD. (4) A TOD must be submitted either on an original DMV Transitional Ownership Document form or on an exact copy of the DMV form that is legible and can be photocopied, microfilmed, electronically scanned or otherwise reproduced by DMV. (5) A photocopy or facsimile of a TOD may be submitted if it is legible and can be photocopied, microfilmed, electronically scanned or otherwise reproduced by DMV equipment. (6) The vehicle identification number (VIN) required to be on a TOD must be the same VIN listed on the primary ownership document, unless it has been determined by DMV that the vehicle will be titled using a different VIN. (7) On the TOD form, any change to the information regarding date of sale/date security agreement or contract signed, the name of each owner of the vehicle, the name and address of each security interest holder and their priority of interest if not holding jointly, the VIN and the name of the person submitting the form for the security interest holder, must be either initialed by the person submitting the form; or explained in a letter signed by the person submitting the form. This is not a requirement for correction of a misspelled name or misspelled address, or correction of a non-sequential portion of the VIN. (8) No additions, deletions or corrections to the TOD will be accepted after DMV has marked the TOD as received. (9) If the security interest holder, or person who originally submitted the TOD, wants to change the information on a TOD after DMV has marked the TOD as received, that person may submit a new TOD reflecting the change. If they do this: (a) The previously submitted TOD shall be invalidated; (b) The date the subsequent TOD is received, unless that document is also subsequently invalidated, shall be used for determining when requirements for perfection have been met; and (c) The security interest holder or person who submitted the original TOD must submit a notice withdrawing the TOD, as provided in OAR 735-020-0030. (10) If a TOD is invalidated, that same form may not be used as a TOD to make a subsequent application for perfection of a security interest. (11) If DMV is in possession of the primary ownership document the requirement that the primary ownership document be submitted within 90 days from the date of sale, or if no sale, within 90 days of the date the security agreement or contract is signed, shall not be considered to have been met unless: (a) DMV is provided with information sufficient to locate the primary ownership document; and (b) DMV is able to connect the TOD and primary ownership document before DMV issues title for the vehicle. (12) An invalidated TOD shall not be acceptable as either evidence of ownership or application for notation of a security interest.