(a) If an owner transfers his interest in a vehicle, other than by the creation of a security interest, he shall, at the time of the delivery of the vehicle, execute an assignment and warranty of title to the transfers in the space provided therefor on the certificate or as the Bureau of Motor Vehicles prescribes, and cause the certificate and assignment to be mailed or delivered to the transferee or to the Bureau of Motor Vehicles.
(b) Except as provided in section 216 of this chapter, the transferee shall, promptly after delivery to him of the vehicle, execute the application for a new certificate of title in the space provided therefor on the certificate or as the Bureau of Motor Vehicles prescribes, and cause the certificate and application to be mailed or delivered to the Bureau of Motor Vehicles.
(c) Upon request of the owner or transferee, a lienholder in possession of the certificate of title shall, unless the transfer was a breach of his security agreement, either deliver the certificate to the transferee for delivery to the Bureau of Motor Vehicles or, upon receipt from the transferee of the owner's assignment, the transferee's application for a new certificate, the registration card, and the required fee, mail or deliver them to the Bureau of Motor Vehicles. The delivery of the certificate does not affect the rights of the lienholder under his security agreement.
(d) If a security interest is reserved or created at the time of the transfer, the certificate of title shall be retained by or delivered to the person who becomes the lienholder, and the parties shall comply with the provisions of section 253 of this chapter.
(e) Except as provided in section 216 of this chapter and as between the parties, a transfer by an owner is not effective until the provisions of this section and section 218 of this chapter have been complied with; however, an owner who has delivered possession of the vehicle to the transferee and has complied with the provisions of this section and section 218 of this chapter requiring action by him is not liable as owner for any damages thereafter resulting from operation of the vehicle.