Any owner of a vehicle required to be registered under the provisions of Section 66-3-1 NMSA 1978, who is unable to comply with the registration requirements of Section 66-3-4 NMSA 1978 for the reason that the vehicle is registered and titled in another state, territory or possession of the United States, subject to a lien, and the original title thereof cannot be obtained from the lien holder, shall make application to the division for the registration and issuance of a nonnegotiable certificate of title. Application for a nonnegotiable certificate of title shall be made upon written forms prescribed by the director and upon the approval of the director a nonnegotiable certificate of title shall be issued by the division with the words "NONNEGOTIABLE AND NONTRANSFERABLE" clearly marked in bold letters on its face.
History: 1953 Comp., § 64-3-11, enacted by Laws 1978, ch. 35, § 31.
ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — Liability of state, in issuing automobile certificate of title, for failure to discover title defect, 28 A.L.R.4th 184.