A Kentucky Release of Lien for Vehicle is a legal document used to formally release a lien holder's interest in a vehicle. When a vehicle is purchased using a loan, the lender or lien holder holds a security interest in the vehicle until the loan is paid off. Once the loan is fully repaid, the lien holder must release the lien by submitting a Release of Lien form to the Kentucky Transportation Cabinet's Division of Motor Vehicle Licensing. The purpose of the Kentucky Release of Lien for Vehicle is to provide proof to the vehicle owner that the lien holder no longer has any claim or interest in the vehicle. This document is essential for the vehicle owner to obtain a clear title or transfer ownership without any outstanding liens. It is important to note that the lien holder has a legal obligation to provide the Release of Lien upon complete satisfaction of the loan. Different types of Kentucky Release of Lien for Vehicle include: 1. Individual Release of Lien: This type of release is utilized when a vehicle owner has entered into a loan agreement with an individual or a private party, instead of a traditional financial institution. 2. Bank Release of Lien: This type of release is issued by a bank or other financial institution that provided the loan for the purchase of the vehicle. It is the most common type of lien release. 3. Credit Union Release of Lien: If a vehicle was financed through a credit union, this type of release is issued to clear the lien and release the credit union's interest in the vehicle. The Release of Lien form for vehicles in Kentucky typically requires the following information: — Vehicle owner's name, address, and contact details. — Vehicle identification number (VIN) or the vehicle's make, model, year, and license plate number. Lien holderer's name, address, and contact information. — Date of lien satisfaction, indicating when the loan was fully paid off. — Any additional conditions or terms related to the release of lien, if applicable. — Notarized signatures of both the vehicle owner and the lien holder. Once the form is completed accurately, it should be submitted to the Kentucky Transportation Cabinet's Division of Motor Vehicle Licensing for processing. The release will then be recorded, and the vehicle owner will receive a clear title, free from any liens on the vehicle. In summary, the Kentucky Release of Lien for Vehicle is a crucial document that certifies the satisfaction of a vehicle loan. It enables vehicle owners to obtain a clear title and transfer ownership seamlessly. Whether it is an individual, bank, or credit union lien holder, releasing the lien is a legal obligation to ensure the owner's rights and facilitate any future transactions involving the vehicle.
Kentucky Release of Lien for Vehicle
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How to fill out Kentucky Release Of Lien For Vehicle?
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(KRS 355.9-513 (2)). The termination must be filed in the county where the lien was originally filed. The termination statement must come from the secured party. Effective July 15, 2004 the termination statement must be signed by the secured party (KRS 186.045).
The circumstances in which the Department of Revenue will consider a Specific Lien Release are as follows: The taxpayer owns other property, subject to the lien, that is worth at least two times the total of the tax owed, plus any additions to the tax owed, and any other debts owed on the property, such as a mortgage.
The Title Lien Statement (TC 96-187) is the only recognized form for transmitting the required information needed to establish a lien on the certificate of title.
Kentucky is NOT a title holding state. Once your vehicle is registered with us, you will receive a KY title with a lien held by your lender reflected on it.
Kentucky is not a title-holding state; therefore, the title with the lien noted will be mailed to the owner. For your records, the original Title Lien Statement (TC 96-187) will be returned to you as confirmation of the lien filing.
The new title will be mailed to the registered owner within 3-4 business days. (If pending a lien, the title will not print for 30 days.)
Online access to Kentucky vehicle owner, title, lien, and registration records is provided through the Kentucky.gov Online Vehicle Information Service (OVIS) in cooperation with the Kentucky Transportation Cabinet and is governed by the Federal Driver's Privacy Protection Act of 2000 (DPPA).
A Kentucky car title transfer consists of two stages. The buyer and seller meet in person, with a notary public. The buyer pays the seller. All three parties (buyer, seller, and notary) fill out and sign the physical title certificate.
