New Jersey § 39:10-11

§ 39:10-11.

A. The purchaser of a motor vehicle in this State, other than a dealer licensed pursuant

to the provisions of R.S. 39:10-19 , shall, within 10 working days after its purchase, submit to the director evidence

of the purchase. Upon presentation to the director of the certificate of origin, or certificate of

ownership, or bill of sale issued prior to October 1, 1946, with proper assignment

and certification of the seller, a record of the transaction shall be made and filed. A certificate of ownership shall be issued by the director and delivered to the

buyer, in case of a sale not subject to a security interest, and the director shall

collect a fee of $20 for the issuance and filing thereof. B. In the case of a sale subject to a security interest, a certificate of ownership,

with the name and address of the holder of the encumbrance or secured party or his

assignee recorded thereon, shall be delivered to the holder of the encumbrance or

secured party or his assignee and a copy thereof shall be delivered to the buyer. The director shall collect a fee of $30 for his services in issuing a certificate and copy thereof, and for making a record

of and filing the record of the transaction, pursuant to this subsection. C. Except as hereinafter in this section otherwise expressly provided, whenever a

security interest is created in a motor vehicle, other than a security interest which

is required to be noted on the certificate of origin or the certificate of ownership,

as provided in R.S. 39:10-8 and R.S. 39:10-9 , there shall be filed with the director the certificate of ownership of the motor

vehicle, together with a financing statement on a form prescribed by the director. The director shall make and file a record of the transaction and shall issue a certificate

of ownership, recording the name and address of the secured party or his assignee

thereon, and shall deliver it to the secured party or his assignee. A copy of the certificate of ownership so issued shall be delivered to the buyer. The director shall collect a fee of $20 for his services in issuing a certificate and copy thereof and for making a record

of and filing the record of the transaction, pursuant to this subsection. D. The financing statement required to be filed pursuant to subsection C. hereof shall

be signed only by the buyer, shall not be required to be acknowledged or proved, and

shall show, in addition to such matters as the director may require for the proper

identification of the motor vehicle affected, the date of the security agreement,

and the names and addresses of the parties thereto. Nothing in this section 39:10-11 contained shall be construed as requiring that the security agreement or a copy thereof,

or any proof of execution thereof other than that contained in the financing statement,

shall be presented to the director. When the buyer is a corporation, it shall be sufficient if the financing statement

is signed by any officer thereof, or by any agent designated by the corporation for

that purpose, and it shall not be necessary that the financing statement recite the

authorization of the agent. When there is more than one buyer, it shall be sufficient if the financing statement

is signed by any one of them. E. Nothing in subsections C. and D. of this section shall apply to security interests

in motor vehicles which constitute inventory held for sale, but such interests shall

be subject to chapter 9 of Title 12A of the New Jersey Statutes, nor shall anything

in the said subsections apply to interests in personal property subject to chapter

28 of Title 46 of the Revised Statutes. F. In addition to the fees elsewhere in this section provided for, there shall be

paid to the director at the time a certificate of ownership is issued a fee of $10 for notice of satisfaction of the lien or encumbrance of the record or abstract,

or of the termination of the security interest, where the motor vehicle is subject

to a lien or encumbrance or a security interest as provided in R.S. 39:10-14 . G. Notwithstanding any other provision of this chapter, when any dealer licensed under

the provisions of R.S. 39:10-19 is the purchaser of a motor vehicle in this State, he may, within 10 working days

after its purchase, submit to the director the evidence of purchase. Upon presentation of the certificate of ownership with proper assignment and certification

of the seller to the director, a record of the transaction shall be made and filed. A certificate of ownership shall be issued by the director and delivered to such

purchaser, and the director shall collect a fee of $10 for the issuing and filing thereof. If a dealer does not submit the evidence of purchase, upon resale of the motor vehicle

he shall execute and attach to the certificate of ownership a dealer reassignment

certificate. The director shall issue dealer reassignment certificates in lots upon payment of

a fee of $10 for each certificate. H. Any purchaser of a motor vehicle who fails to comply with the provisions of this

section shall pay to the director a penalty of $25 plus the issuing and filing fee. I. The failure of any person to comply with the requirements of this section shall

not constitute a misdemeanor within the provisions of R.S. 39:10-24 , nor shall such failure affect the validity of any instrument creating or reserving

a security interest in a motor vehicle, as between the parties to such instrument. J. The notation of the name and business or residence address of a secured party or

his assignee, on the certificate of origin or on the certificate of ownership, as

provided in R.S. 39:10-8 and R.S. 39:10-9 , and the presentation to the director, in accordance with R.S. 39:10-11 , of the certificate of origin or certificate of ownership so noted, and the compliance

with the requirements of subsections C. and D. of R.S. 39:10-11 shall be in lieu of all filing requirements imposed by chapter 9 of Title 12A of

the New Jersey Statutes and shall constitute the perfection of a security interest

in the motor vehicle, and the rights and remedies of the debtors and the secured parties

in respect to such security interest shall, except as otherwise expressly provided

in this chapter, be subject to and governed by chapter 9 of Title 12A of the New Jersey

Statutes.