Codee
Your UCC cite does not apply because that refers to bailments. While there are aspects of a bailment in any transfer of personal property that is not what is contemplated. Bailments refer to a pledge or trust, although not an actual trust as no fiduciary relationship exists. If I should pledge my property to the state as a bailee, at some point the state has an obligation to return that property to me. Is this not a voluntary agreement?
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Originally Posted by CVC
5603. A legal owner may assign his title or interest in or to a vehicle registered under this code to a person other than the owner without the consent of and without affecting the interest of the owner.
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I suspect legal owner is the one who holds a security interest and in any case only applies to registered vehicles. Most financing agreements will allow this for unregistered vehicles as well. Are you saying that the bank has assigned their interest in my financed vehicle to the state but retains the proceeds therefrom? Can the bank assign the vehicle only after it is registered?
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Originally Posted by CVC
5600. (a) No transfer of the title or any interest in or to a vehicle registered under this code shall pass, and any attempted transfer shall not be effective, until the parties thereto have fulfilled either of the following requirements:
(1) The transferor has made proper endorsement and delivery of the certificate of ownership to the transferee as provided in this code and the transferee has delivered to the department or has placed the certificate in the United States mail addressed to the department when and as required under this code with the proper transfer fee, together with the amount required to be paid under Part 1 (commencing with Section 6001), Division 2 of the Revenue and Taxation Code with respect to the use by the transferee of the vehicle, and thereby makes application for a transfer of registration except as otherwise provided in Sections 5905, 5906, 5907, and 5908.
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This section only applies to registered vehicles. Is a certificate of ownership defined and how does it differ from a certificate of title? This section simply says that the department will not issue a certificate of title
to you until the transferor endorses his title, you pay a fee and apply for a tranfer of registration. Your signature on his certificate of title is such an application. Where is the state invovled?
Notice the phrase "with respect to
use", this goes back to the intent of the act of 1905.
If you go to Black's and look up Certificate of Title it will refer you to Title Insurance. Perhaps this will give you a clue.
gldskr
