(a) Unless excepted by section 251 of this chapter, a security interest in a vehicle of a type for which a certificate of title is required is subordinate to the rights of persons who become subsequent transferees or lienholders of the vehicle before the security interest is perfected as provided in this chapter.
(b) A security interest is perfected by the delivery to the Bureau of Motor Vehicles of the existing certificate of title, if any, an application for a certificate of title containing the name and address of the lienholder and the date of his security agreement and the required fee and a copy of the registration card. It is perfected as of the time of its attachment if the delivery is completed within 10 days thereafter, otherwise, as of the time of the delivery.