19A NCAC 03D .0227      VEHICLES OFFERED FOR SALE ON A FLOOR PLAN LIEN

(a)  Any dealer offering for sale a vehicle on which a financial interest is held by another party (floor plan lien) shall at the time of sale, satisfy the floor plan lien and obtain the title from the floor plan lienholder, execute the title documents and deliver them to the purchaser or the lienholder as required by G.S. 20-52.1, G.S. 20‑72 and G.S. 20‑75 at the time the vehicle is delivered.

(b)  Manufacturers Certificate of Origin and titles may be retained by the floor plan lienholder so long as the Manufacturers Certificate of Origin and titles are located within the boundaries of North Carolina; provided the dealer has in possession, available for inspection, an invoice from the manufacturer or distributor and a floor plan disclosure form completed, dated and signed by both parties.  Mobile/manufactured home dealers shall be exempt from the requirement that the Manufacturer's Certificate of Origin and title be located within the boundaries of North Carolina.  All other provisions of this Rule shall apply to mobile/manufactured home dealers.

 

History Note:        Authority G.S. 20‑302;

Eff. June 1, 1988;

Amended Eff. June 1, 1995; January 1, 1994; October 1, 1991.