32-3A-46. Release of discharged lien--Notation on title--Time requirement. If a lien is discharged, the lien holder shall execute a release within twenty days after the final payment is received. The release shall contain the certificate of title number and the date of the notation. The lien holder shall deliver the release and certificate of title if held by the lien holder to any county treasurer. The treasurer shall note the cancellation of the lien on the face of the certificate of title, and on the same day shall notify the secretary. The secretary shall cancel the lien on the state's computer system, if the treasurer has not done so. If the certificate of title is lost as set forth in § 32-3-29, application for duplicate title may be forwarded along with the release to the department. The department shall cancel the lien. Upon the satisfaction of a security interest on a large boat for which the certificate of title is in the possession of the owner, the secured party shall within twenty days after final payment is received, execute a release of security interest on the form prescribed by the department and mail or deliver the release to the owner or as otherwise directed by the owner.
Source: SL 1993, ch 322, § 30; SL 1994, ch 335, § 46; SDCL 42-8-98; SL 2003, ch 160, § 12.
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