(625 ILCS 5/3-103) (from Ch. 95 1/2, par. 3-103)
Sec. 3-103.
Optional certificate of title.
The owner of an implement of husbandry or special mobile equipment may
apply for and obtain a certificate of title on it. All of the provisions of
this chapter, except part (e) of Section 3-104, are applicable to a
certificate of title so issued, except that a person who receives a
transfer of an interest in the vehicle without knowledge of the certificate
of title is not prejudiced by reason of the existence of the certificate,
and the perfection of a security interest under this act is not effective
until the lienholder has complied with the provisions of applicable law
which otherwise relate to the perfection of security interests in personal
property.
An application for an optional certificate of title must be accompanied
by either an exemption determination from the Department of Revenue showing
that no tax imposed under the "Use Tax Act" or the "Retailers' Occupation
Tax Act" is owed by anyone with respect to that vehicle or by a receipt
from the Department of Revenue showing that any tax so imposed has been
paid. No optional certificate of title shall be issued in the absence of
such a receipt or exemption determination.
If the proof of payment or of nonliability is, after the issuance of the
optional certificate of title, found to be invalid, the Secretary of State
shall revoke the optional certificate of title and require that it be
returned to him.
(Source: P.A. 78-1165.)
|