Oregon Administrative Rules › Chapter 735 - DEPARTMENT OF TRANSPORTATION, DRIVER AND MOTOR VEHICLE SERVICES DIVISION › Division 20 - GENERAL TITLE PROVISIONS › Section 735-020-0075 - Release or Assignment of Interest; Oregon Title or Salvage Title

Current through Register Vol. 63, No. 7, July 1, 2024
Authority and Purpose. This rule specifies the requirements for
				the release or assignment of interest shown on an Oregon-titled vehicle as
				required by ORS 803.094.
(1) Definitions. For purposes of ORS
			 803.094 and this rule:
(a) "Affiant" means the person who signs a
			 small estate affidavit filed under ORS
			 114.515;
(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 either a:
(A) Manufacturer's Certificate of Origin;
			 or
(B) Manufacturer's Statement 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. 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.