(a) Any owner who sells a motor vehicle to be used as scrap or to be dismantled or destroyed shall assign a certificate of title thereto to the purchaser and shall deliver the certificate, as assigned, to the Office of Motor Vehicle with a notice that the vehicle is to be dismantled.

(b)

(1) If the motor vehicle has been in existence for at least twenty-five (25) years and a certificate of title is not available, the purchaser shall deliver a bill of sale in lieu of the certificate of title to the office.

(2)

(A) The bill of sale shall identify the make, model, and serial number of the motor vehicle, and this information shall be verified by a municipal police officer's, sheriff's, or deputy sheriff's signature on the bill of sale.

(B)

(i) The verifying law enforcement officer shall cause the bill of sale to be forwarded to the office, and for such service the city or county, as the case may be, shall receive a five dollar ($5.00) fee, which shall be placed in the city or county general fund.

(ii) The office shall thereupon cancel the certificate of title to the motor vehicle and record the notice that the motor vehicle is to be dismantled, which shall authorize the person to possess or transport the motor vehicle or to transfer ownership thereto by endorsement on the bill of sale.

(c) A certificate of title shall not again be issued for a vehicle for which a notice of intent to dismantle has been recorded, except upon certification within ninety (90) days of the date of filing, from the person filing the notice, that the notice of intent to dismantle was filed in error.

(d) The term "motor vehicle", as used in this section, shall not be applicable to any vehicle which meets each and every one of the following conditions:

(1) Is so badly damaged or deteriorated as to be inoperable;

(2) Is not equipped with parts and accessories which are essential to the operation of a motor vehicle;

(3) Does not have a current license plate or plates;

(4) Is over ten (10) years of age;

(5) Is not equipped with a gas tank;

(6) Is not equipped with tires; and

(7) Has no value except as junk.