§ 2115. Transfer by operation of law. (a) If the interest of an owner
in a vehicle passes to another other than by voluntary transfer, the
transferee shall, except as provided in subdivision (b), promptly mail
or deliver to the commissioner the last certificate of title, if
available, proof of the transfer, and his application for a new
certificate in the form the commissioner prescribes.

(b) If the interest of the owner is terminated or the vehicle is sold
under a security agreement by a lienholder, the transferee shall
promptly mail or deliver to the commissioner the last certificate of
title if available to him, his application for a new certificate in the
form the commissioner prescribes, and an affidavit made by or on behalf
of the lienholder that the vehicle was repossessed and that the interest
of the owner was lawfully terminated or sold pursuant to the terms of
the security agreement. If the lienholder succeeds to the interest of
the owner and holds the vehicle for resale, he need not secure a new
certificate of title but, upon transfer to another person, shall
promptly mail or deliver to the transferee the certificate, if
available, affidavit and other documents required to be sent to the
commissioner by the transferee.

(c) A person holding a certificate of title whose interest in the
vehicle has been extinguished or transferred other than by voluntary
transfer shall mail or deliver the certificate to the commissioner upon
request of the commissioner. The delivery of the certificate pursuant
to the request of the commissioner does not affect the rights of the
person surrendering the certificate, and the action of the commissioner
in issuing a new certificate of title as provided herein is not
conclusive upon the rights of an owner or lienholder named in the old
certificate.