(a) The certificate of title was fraudulently procured or erroneously issued, or
(b) The vehicle, manufactured home or mobile home has been scrapped, dismantled or destroyed.
Suspension or revocation of a certificate of title does not in itself affect the validity of a security interest noted on it.
When the commission suspends or revokes a certificate of title, the owner or person in possession of it shall, immediately upon receiving notice of the suspension or revocation, mail or deliver the certificate to the commission.
The commission may seize and impound any certificate of title which has been suspended or revoked.
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