(a) The owner shall immediately execute the application, in the space provided therefor on the certificate of title or on a separate form the Bureau of Motor Vehicles prescribes, to name the first priority lienholder on the certificate, showing the name and address of such lienholder, the date of his security agreement, and cause the certificate, application and the required fee and a copy of the registration card to be delivered to the lienholder.
(b) The first priority lienholder shall immediately cause the certificate, application, the required fee and a copy of the registration card to be mailed or delivered to the Bureau of Motor Vehicles.
(c) Upon request of the owner or subsequent lienholder, a first priority lienholder in possession of the certificate of title shall either mail or deliver the certificate to the subsequent lienholder for delivery to the Bureau of Motor Vehicles or, upon receipt from the subsequent lienholder of the owner's application and the required fee and copy of the registration card, mail or deliver them to the Bureau of Motor Vehicles with the certificate. The delivery of the certificate does not affect the rights of the first priority lienholder under his security agreement.
(d) Upon receipt of the certificate of title, application, the required fee and a copy of the registration card, the Bureau of Motor Vehicles shall either endorse on the certificate or issue a new certificate containing the name and address of the new first priority lienholder, and mail the certificate to such lienholder named on it.