The Minnesota Notification of Assignment form is a crucial document used to notify relevant parties about the assignment, release, or granting of a secured interest in a vehicle. This form ensures that all legal interests in the vehicle are clearly documented and recognized, providing protection for both the owner and the secured party. To ensure compliance and facilitate the process, it’s essential to fill out the form accurately; click the button below to get started.
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The Minnesota Notification of Assignment form is a crucial document used in the process of transferring secured interests in vehicles. Along with this form, several other documents may be necessary to ensure that the transfer of ownership and interests is properly recorded. Here are four commonly used forms that accompany the Notification of Assignment:
Understanding these documents and their purposes is vital for anyone involved in the transfer of vehicle ownership or secured interests. Properly completing and submitting these forms helps to ensure that all parties' rights are protected and that the transaction is legally binding.
What is the purpose of the Minnesota Notification of Assignment form?
The Minnesota Notification of Assignment form serves to officially document changes in the secured interest of a vehicle. This form is used when a secured party transfers their interest to another secured party or releases their claim on a vehicle. It is essential for ensuring that the vehicle's title accurately reflects the current ownership and any financial interests associated with it.
Who needs to complete the Notification of Assignment form?
The form must be completed by the secured party who is either assigning their interest or releasing their claim on the vehicle. Additionally, the vehicle owner must provide their information and, in some cases, sign the form. It is important that the person completing the form is recognized as the secured party on the title application or the current certificate of title.
What are the fees associated with filing the Notification of Assignment form?
There are specific fees depending on the action being taken. For an assignment, a fee of $1 plus a $10 filing fee is required. If the assignment occurs concurrently with the establishment of a secured interest, no fee is needed. In the case of a release, the secured party must pay a $10 filing fee. For a grant, the fees amount to $2 plus a $10 filing fee. All fees should be submitted with the appropriate forms to the local motor vehicle office or mailed to Driver and Vehicle Services.
Is notarization required for the Notification of Assignment form?
Yes, notarization is required for the form, particularly when releasing a lien. The secured party must sign the form in the presence of a notary public. This step is crucial as it adds a layer of verification to the transaction, ensuring that the release of interest is legitimate and binding. Without notarization, the release may not be accepted by the Department of Public Safety.
Filling out the Minnesota Notification of Assignment form can be a straightforward process, but several common mistakes can lead to delays or complications. Understanding these pitfalls is essential for ensuring that the form is completed correctly and efficiently.
One frequent error is neglecting to include the vehicle identification number (VIN). This number is crucial for identifying the specific vehicle involved in the transaction. Without it, the form may be considered incomplete, leading to potential issues in processing.
Another mistake often made is failing to provide accurate information in the owner(s) section. The names and addresses must match the information on the current certificate of title. Any discrepancies can result in confusion and could delay the assignment or release of the secured interest.
Many individuals overlook the requirement for a notarized signature. This step is mandatory for releasing a lien. Without proper notarization, the form cannot be processed, which may cause unnecessary delays in the transaction.
In addition, some people forget to submit the current certificate of title along with the form. This document is essential for verifying ownership and the secured party's interest. Omitting it can lead to rejection of the submission.
Another common issue arises from not adhering to the timeframes specified in the instructions. For instance, the secured party must complete the form within 15 days after the security agreement is satisfied. Missing this deadline can complicate the process and may require additional steps to rectify.
Lastly, individuals often miscalculate the fees associated with the submission. It is important to ensure that the correct amounts are included, as underpayment can result in the rejection of the form. Familiarizing oneself with the fee structure is crucial to avoid this mistake.
The Minnesota Notification of Assignment form shares similarities with the UCC-1 Financing Statement. This document is used to establish a secured party's interest in personal property. Just like the Minnesota form, the UCC-1 requires specific details about the debtor and the secured party. Both forms serve to notify interested parties about a security interest in an asset, ensuring transparency in financial transactions. The UCC-1 must also be filed with the appropriate state authority, similar to how the Minnesota form is submitted to the local motor vehicle office.
Another document akin to the Minnesota Notification of Assignment is the UCC-3 Financing Statement Amendment. This form is utilized to amend or terminate a previously filed UCC-1 statement. Much like the Minnesota form, it requires information about the secured party and the debtor. The UCC-3 can be used to release a lien or to assign a new secured party, paralleling the functions of assignment and release found in the Minnesota form. Both documents aim to keep public records accurate regarding secured interests.
For anyone handling real estate transactions in Arizona, understanding the significance of the Deed Document is essential. This legal form acts as a crucial tool in transferring ownership, safeguarding the rights of new owners while providing a clear record of the transaction. Just as various documents ensure transparency and accuracy in financial dealings, a deed form upholds the integrity of property ownership in the state.
The Bill of Sale is another relevant document. This form is often used in vehicle transactions to transfer ownership from one party to another. Similar to the Minnesota Notification of Assignment, the Bill of Sale includes details about the vehicle, such as the make, model, and vehicle identification number. Both documents are crucial in establishing clear ownership and can be required by the state for title transfer. While the Minnesota form focuses on secured interests, the Bill of Sale emphasizes the transfer of ownership itself.
The Lien Release form also bears resemblance to the Minnesota Notification of Assignment. A Lien Release is used to formally remove a lien from a property once the debt has been satisfied. Like the Minnesota form, it requires notarization and must be submitted to the appropriate authority to ensure that the lien is officially released. Both documents serve to clarify the status of a security interest, protecting both the debtor and the secured party by ensuring that public records reflect the current state of ownership and interests.
The Security Agreement is another document that aligns with the Minnesota Notification of Assignment. This agreement outlines the terms under which a borrower grants a security interest to a lender. Similar to the Minnesota form, it includes detailed information about the parties involved and the collateral securing the loan. Both documents are essential in establishing the rights and obligations of the parties regarding the secured property. The Security Agreement is typically created before the Minnesota form is filed, as it lays the groundwork for the security interest.
Lastly, the Certificate of Title is a crucial document that relates closely to the Minnesota Notification of Assignment. The Certificate of Title serves as legal proof of vehicle ownership and includes information about any liens against the vehicle. When a security interest is assigned or released, the Minnesota form must be submitted alongside the Certificate of Title to update the ownership records. Both documents work in tandem to ensure that ownership and security interests are accurately recorded, providing protection for both buyers and lenders in vehicle transactions.
MINNESOTA DEPARTMENT OF PUBLIC SAFETY
DRIVER AND VEHICLE SERVICES
445 Minnesota Street
Saint Paul, MN 55101-5187
Phone: (651) 297-2126
Visit us: drive.mn.gov
Print Form
Notification of Assignment, Release or Grant of Secured Interest
Instructions on reverse side
YEAR
MAKE
TYPE
MODEL
OWNER(S) NAME
STREET ADDRESS
CITY
STATE ZIP CODE COUNTY
SIGNATURE OF OWNER(S), NECESSARY ONLY WITH GRANT
X
A
VEHICLE IDENTIFICATION NUMBER
TITLE NUMBER
SECURED PARTY'S NAME
SIGNATURE AND TITLE OF AUTHORIZED AGENT
ASSIGNMENT The secured party named in Section A has assigned his interest to the secured party named in Section B.
RELEASE
The secured party named in Section A no longer claims a security interest
in the vehicle described above. DATE OF RELEASE
GRANT
The owner(s) have granted to the secured party named in Section A, a
security interest in the vehicle described above.
DATE OF SECURITY AGREEMENT
ASSIGNEE'S NAME, NECESSARY ONLY WITH ASSIGNMENT
B
--- NOTICE ---
This form must be notarized to
release a lien.
Subscribed and sworn to before me this
day of
20
NOTARY PUBLIC
COUNTY
MY COMMISSION EXPIRES
PS2017-12 (11/2020)
- over -
Notification of Assignment, Release or
Grant of Secured Interest
INSTRUCTIONS
ASSIGNMENT OF LIEN
1.The Assignor must be listed as secured party on the application for title or on the current certificate of title.
2.The Assignor must complete section A and list the name and address of the Assignee in section B.
3.The assignment must be submitted with the current certificate of title.
4.Fees: $1 plus $11 filing fee. For an assignment noted concurrently with the secured interest, no fee is required. The assignment accompanies the granting of a second interest.
1.The secured party must complete this form within 15 days after satisfaction of the security agreement.
2.The secured party must complete and sign section A.
3.The form must be notarized
4.This release must be submitted with the current certificate of title.
5.Fee: $11 filing fee
1.The owner of the vehicle must complete section A of this form.
2.The grant must be submitted with the current certificate of title.
3.Fees: $2 plus $11 filing fee
All forms and fees may be submitted to your local motor vehicle office or you may make the check payable to
Driver and Vehicle Services and mail the forms to:
Driver and Vehicle Services
Suite 187
St. Paul, Minnesota 55101-5187
Understanding the Minnesota Notification of Assignment form is crucial for anyone involved in the transfer or release of a secured interest in a vehicle. Here are some key takeaways:
By keeping these points in mind, you can navigate the process more smoothly and ensure that all necessary steps are taken for your vehicle's title. Proper handling of this form can prevent future complications and provide peace of mind.