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(1) A person holding a lien or encumbrance as shown upon a certificate of title upon a vehicle or vessel may release the lien or encumbrance or assign his interest to the owner without affecting the registration of the vehicle or vessel.
(2) The division shall issue a new certificate of title without a lien previously recorded upon receiving:
(a) a certificate of title:
(i) upon which a lienholder has released or assigned his interest to the owner; or
(ii) not so endorsed but accompanied by a legal release from a lienholder of his interest in or to a vehicle, vessel, or outboard motor;