Blank Minnesota Notification Of Assignment Template

When using the Minnesota Notification of Assignment form, there are several important points to consider:

• Notarization is Required: To release a lien, the form must be notarized. This adds a layer of authenticity to the document.
• Timely Submission: The secured party must complete the release within 15 days after the security agreement is satisfied. Delays could complicate the process.
• Correct Fees: There are specific fees associated with assignments and releases. For an assignment, the fee is $1 plus a $10 filing fee. For a release, it’s a $10 filing fee.
• Current Title Needed: The assignment or release must be submitted along with the current certificate of title. This is crucial for processing.
• Accurate Information: Ensure that all sections of the form are completed accurately, including the names and addresses of all parties involved. Incomplete forms can lead to delays.

Understanding these key takeaways can help streamline the process of filling out and using the Minnesota Notification of Assignment form effectively.

Misconceptions about the Minnesota Notification of Assignment form can lead to confusion and delays. Here are nine common misunderstandings:

1. Notarization is optional. Many believe that notarization is not necessary, but this form must be notarized to release a lien.
2. Only the owner needs to sign. Some think only the vehicle owner’s signature is needed, but the secured party’s signature is also required in certain sections.
3. Fees are not required for all transactions. People often assume there are no fees involved, but there are specific fees for assignments, releases, and grants.
4. The form can be submitted without the current title. A common misconception is that the form can be submitted alone; however, it must accompany the current certificate of title.
5. All parties must be present when signing. Some believe that all parties must sign in person, but they can sign separately as long as the notarization is complete.
6. Any notary can notarize the document. There is a belief that any notary can do this, but it’s important to ensure the notary is authorized to perform this service in Minnesota.
7. The form is only for assignments. Many think this form is solely for assignments, but it is also used for releases and grants of secured interests.
8. Submission can be done online. Some believe they can submit the form online, but it must be mailed or delivered to the local motor vehicle office.
9. All forms are the same. There is a misconception that all notification forms are interchangeable, but each has specific requirements and purposes.

Understanding these points can help ensure that the process goes smoothly and that all necessary steps are taken.