N.Y. Vehicle & Traffic Law § 2119: Security interest

§ 2119. Security interest. If an owner creates a security interest in

a vehicle:

(a) The owner shall, if the lienholder so requests, execute the

application, in the space provided therefor on the certificate of title

or on a separate form the commissioner prescribes, to name the

lienholder on the certificate, showing the name and address of the

lienholder, and cause the certificate, application and the required fee

to be delivered to the lienholder.

(b) The lienholder shall, immediately after the owner complies with

subdivision (a), cause the certificate, application and the required fee

to be mailed or delivered to the commissioner.

(c) Upon receipt of the certificate of title, application and the

required fee, the commissioner shall either endorse on the certificate,

or issue a new certificate containing, the name and address of the new

lienholder, and mail the certificate to the owner.