RCW 46.12.095 Requirements for perfecting security interest. A security interest in a vehicle other than one held as inventoryby a manufacturer or a dealer and for which a certificate ofownership is required is perfected only by compliance with therequirements of RCW 46.12.103 under the circumstances provided fortherein or by compliance with the requirements of this section: (1) A security interest is perfected by the department'sreceipt of: (a) The existing certificate, if any, and (b) anapplication for a certificate of ownership containing the name andaddress of the secured party, and (c) tender of the required fee. (2) It is perfected as of the time of its creation: (a) Ifthe papers and fee referred to in subsection (1) of this sectionare received by this department within twenty calendar days of theday on which the security agreement was created; or (b) if thesecured party's name and address appear on the outstandingcertificate of ownership; otherwise, as of the date on which the department has received the papers and fee required in subsection(1) of this section. (3) If a vehicle is subject to a security interest whenbrought into this state, perfection of the security interest isdetermined by the law of the jurisdiction where the vehicle waswhen the security interest was attached, subject to the following: (a) If the security interest was perfected under the law ofthe jurisdiction where the vehicle was when the security interestwas attached, the following rules apply: (b) If the name of the secured party is shown on the existingcertificate of ownership issued by that jurisdiction, the securityinterest continues perfected in this state. The name of thesecured party shall be shown on the certificate of ownership issuedfor the vehicle by this state. The security interest continuesperfected in this state upon the issuance of such ownershipcertificate. (c) If the security interest was not perfected under the lawof the jurisdiction where the vehicle was when the securityinterest was attached, it may be perfected in this state; in thatcase, perfection dates from the time of perfection in this state. [1998 c 203 § 10; 1969 ex.s. c 170 § 16; 1967 c 140 § 6.]NOTES: Finding--1998 c 203: See note following RCW 46.55.105. Effective date--1967 c 140: See note following RCW 46.12.010.Definitions: RCW 46.12.005.

RCW 46.12.170 Procedure when security interest is granted onvehicle. If, after a certificate of ownership is issued, asecurity interest is granted on the vehicle described therein, theregistered owner or secured party shall, within ten daysthereafter, present an application to the department, to whichshall be attached the certificate of ownership last issued coveringthe vehicle, or such other documentation as may be required by thedepartment, which application shall be upon a form approved by thedepartment and shall be accompanied by a fee of one dollar andtwenty-five cents in addition to all other fees. The department, if satisfied that there should be a reissue of the certificate,shall note such change upon the vehicle records and issue to thesecured party a new certificate of ownership. Whenever there is no outstanding secured obligation and no commitment to make advances and incur obligations or otherwise givevalue, the secured party must assign the certificate of ownershipto the debtor or the debtor's assignee or transferee, and transmitthe certificate to the department with an accompanying fee of onedollar and twenty-five cents in addition to all other fees. Thedepartment shall then issue a new certificate of ownership and transmit it to the owner. If the affected secured party fails toeither assign the certificate of ownership to the debtor or thedebtor's assignee or transferee or transmit the certificate ofownership to the department within ten days after proper demand,that secured party shall be liable to the debtor or the debtor's assignee or transferee for one hundred dollars, and in addition forany loss caused to the debtor or the debtor's assignee ortransferee by such failure. [1997 c 432 § 5; 1997 c 241 § 5; 1994c 262 § 6; 1979 ex.s. c 113 § 2; 1975 c 25 § 13; 1967 c 140 § 4;1961 c 12 § 46.12.170. Prior: 1951 c 269 § 4; 1947 c 164 § 5;1939 c 182 § 2; 1937 c 188 § 7; Rem. Supp. 1947 § 6312-7.]NOTES: Reviser's note: This section was amended by 1997 c 241 § 5and by 1997 c 432 § 5, each without reference to the other. Bothamendments are incorporated in the publication of this sectionunder RCW 1.12.025(2). For rule of construction, see RCW1.12.025(1). Effective date--1967 c 140: See note following RCW 46.12.010.Definitions: RCW 46.12.005.

RCW 62A.9-503 Secured party's right to take possession afterdefault. Unless otherwise agreed a secured party has on defaultthe right to take possession of the collateral. In takingpossession a secured party may proceed without judicial process ifthis can be done without breach of the peace or may proceed byaction. If the security agreement so provides the secured partymay require the debtor to assemble the collateral and make itavailable to the secured party at a place to be designated by thesecured party which is reasonably convenient to both parties. Without removal a secured party may render equipment unusable, andmay dispose of collateral on the debtor's premises under RCW 62A.9-504. [1965 ex.s. c 157 § 9-503. Cf. former RCW sections: (i) RCW61.08.090; Code 1881 § 1989; 1879 p 105 § 4; RRS § 1112. (ii) RCW61.20.060; 1943 c 71 § 6; Rem. Supp. 1943 § 11548-35.]

RCW 62A.9-506 Debtor's right to redeem collateral. At anytime before the secured party has disposed of collateral or enteredinto a contract for its disposition under RCW 62A.9-504 or beforethe obligation has been discharged under RCW 62A.9-505(2) thedebtor or any other secured party may unless otherwise agreed inwriting after default redeem the collateral by tenderingfulfillment of all obligations secured by the collateral as well asthe expenses reasonably incurred by the secured party in retaking,holding and preparing the collateral for disposition, in arrangingfor the sale, and to the extent provided in the agreement and notprohibited by law, his reasonable attorneys' fees and legal expenses. [1965 ex.s. c 157 § 9-506. Cf. former RCW sections: (i) RCW 61.12.160; Code 1881 §§ 618, 619; 1869 p 147 § 572; RRS §§1113 and 1114; formerly RCW 61.08.100 and 61.08.110. (ii) RCW61.20.060; 1943 c 71 § 6; Rem. Supp. 1943 § 11548-35.]NOTES:Judgments--Order of sale--Satisfaction--Upset price: RCW 61.12.060.

RCW 62A.9-505 Compulsory disposition of collateral;acceptance of the collateral as discharge of obligation. (1) Ifthe debtor has paid sixty percent of the cash price in the case ofa purchase money security interest in consumer goods or sixtypercent of the loan in the case of another security interest inconsumer goods, and has not signed after default a statementrenouncing or modifying his rights under this Part a secured partywho has taken possession of collateral must dispose of it under RCW62A.9-504 and if he fails to do so within ninety days after hetakes possession the debtor at his option may recover in conversion or under RCW 62A.9-507(1) on secured party's liability. (2) In any other case involving consumer goods or any othercollateral a secured party in possession may, after default,propose to retain the collateral in satisfaction of the obligation. Written notice of such proposal shall be sent to the debtor if hehas not signed after default a statement renouncing or modifyinghis rights under this subsection and except in the case of consumergoods to any other person who has a security interest in thecollateral and who has duly filed a financing statement indexed inthe name of the debtor in this state. If the secured partyreceives objection in writing from a person entitled to receive notification within twenty-one days after the notice was sent, thesecured party must dispose of the collateral under RCW 62A.9-504. In the absence of such written objection the secured party mayretain the collateral in satisfaction of the debtor's obligation. [1981 c 41 § 37; 1965 ex.s. c 157 § 9-505. Cf. former RCW61.20.060; 1943 c 71 § 6; Rem. Supp. 1943 § 11548-35.]NOTES: Effective date--1981 c 41: See RCW 62A.11-101.Transfer of interest in vehicle: RCW 46.12.130.

RCW 62A.9-504 Secured party's right to dispose of collateralafter default; effect of disposition. (1) A secured party afterdefault may sell, lease or otherwise dispose of any or all of thecollateral in its then condition or following any commerciallyreasonable preparation or processing. Any sale of goods is subjectto the Article on Sales (Article 2). The proceeds of dispositionshall be applied in the order following to (a) the reasonable expenses of retaking, holding, preparingfor sale or lease, selling, leasing and the like and, to the extentprovided for in the agreement and not prohibited by law, thereasonable attorneys' fees and legal expenses incurred by thesecured party; (b) the satisfaction of indebtedness secured by the securityinterest under which the disposition is made; (c) the satisfaction of indebtedness secured by anysubordinate security interest in the collateral if written notification of demand therefor is received before distribution ofthe proceeds is completed. If requested by the secured party, theholder of a subordinate security interest must seasonably furnishreasonable proof of his interest, and unless he does so, thesecured party need not comply with his demand. (2) If the security interest secures an indebtedness, thesecured party must account to the debtor for any surplus, and,unless otherwise agreed, the debtor is liable for any deficiency. But if the underlying transaction was a sale of accounts or chattelpaper, the debtor is entitled to any surplus or is liable for any deficiency only if the security agreement so provides. (3) Disposition of the collateral may be by public or privateproceedings and may be made by way of one or more contracts. Saleor other disposition may be as a unit or in parcels and at any timeand place and on any terms but every aspect of the disposition including the method, manner, time, place and terms must becommercially reasonable. Unless collateral is perishable orthreatens to decline speedily in value or is of a type customarilysold on a recognized market, reasonable notification of the timeand place of any public sale or reasonable notification of the timeafter which any private sale or other intended disposition is to be made shall be sent by the secured party to the debtor, if he hasnot signed after default a statement renouncing or modifying hisright to notification of sale and except in the case of consumergoods to any other person who has a security interest in thecollateral and who has duly filed a financing statement indexed inthe name of the debtor in this state. The secured party may buy atany public sale and if the collateral is of a type customarily soldin a recognized market or is of a type which is the subject ofwidely distributed standard price quotations he may buy at privatesale. (4) When collateral is disposed of by a secured party afterdefault, the disposition transfers to a purchaser for value all ofthe debtor's rights therein, discharges the security interest underwhich it is made and any security interest or lien subordinatethereto. The purchaser takes free of all such rights and interestseven though the secured party fails to comply with the requirementsof this Part or of any judicial proceedings (a) in the case of a public sale, if the purchaser has noknowledge of any defects in the sale and if he does not buy incollusion with the secured party, other bidders or the personconducting the sale; or (b) in any other case, if the purchaser acts in good faith. (5) A person who is liable to a secured party under aguaranty, indorsement, repurchase agreement or the like and whoreceives a transfer of collateral from the secured party or issubrogated to his rights has thereafter the rights and duties ofthe secured party. Such a transfer of collateral is not a sale ordisposition of the collateral under this Article. [1981 c 41 § 36;1965 ex.s. c 157 § 9-504. Cf. former RCW sections: (i) RCW61.08.010-61.08.090, 61.08.120. (ii) RCW 61.12.160; Code 1881 §§618, 619; 1869 p 147 § 572; RRS §§ 1113 and 1114; formerly RCW61.08.100 and 61.08.110. (iii) RCW 61.20.060; 1943 c 71 § 6; Rem.Supp. 1943 § 11548-35.] NOTES: Effective date--1981 c 41: See RCW 62A.11-101.Contractual attorneys' fees to be set by court: RCW 4.84.020.Foreclosure: RCW 61.12.070, 61.12.140.Sales under execution: Chapter 6.21 RCW.Transfer of interest in vehicle: RCW 46.12.130.

RCW 46.12.130 Assigned certificate of ownership to be filedby department--Transfer of interest in vehicle. Certificates ofownership when assigned and returned to the department, togetherwith subsequently assigned reissues thereof, shall be retained bythe department and appropriately filed and indexed so that at alltimes it will be possible to trace ownership to the vehicledesignated therein: (1) If the interest of an owner in a vehicle passes toanother, other than by voluntary transfer, the transferee shall,except as provided in subsection (3) of this section, promptly mailor deliver to the department the last certificate of ownership ifavailable, proof of transfer, and his application for a newcertificate in the form the department prescribes. (2) If the interest of the owner is terminated or the vehicleis sold under a security agreement by a secured party named in thecertificate of ownership, the transferee shall promptly mail ordeliver to the department the last certificate of ownership, hisapplication for a new certificate in the form the department prescribes, and an affidavit made by or on the behalf of thesecured party that the vehicle was repossessed and that theinterest of the owner was lawfully terminated or sold pursuant tothe terms of the security agreement. (3) If the secured party succeeds to the interest of the ownerand holds the vehicle for resale, he need not secure a newcertificate of ownership but, upon transfer to another person,shall promptly mail or deliver to the transferee or to the department the certificate, affidavit and other documents (andarticles) required to be sent to the department by the transferee. [1967 c 140 § 3; 1961 c 12 § 46.12.130. Prior: 1959 c 166 § 11;prior: 1947 c 164 § 4(d); 1937 c 188 § 6(d); Rem. Supp. 1947 §6312-6(d).]NOTES: Effective date--1967 c 140: See note following RCW 46.12.010.Definitions: RCW 46.12.005.