1. (a) A security agreement covering a security interest in a vehicle that is not inventory held for sale is perfected when:

   1. (1) the record of the lien is electronically received by the bureau, if the application for certificate of title is received electronically; or

   2. (2) the application for certificate of title is submitted to the bureau, if the application for certificate of title is submitted in physical form.

      Except as otherwise provided in subsection (b) and section 1 of this chapter, IC 26-1-9.1 applies to security interests in vehicles.

2. (b) The secured party, upon presentation to the bureau of a properly completed application for certificate of title together with the fee prescribed, may have a notation of the lien made on the certificate of title to be issued by the bureau. The bureau shall:

   1. (1) enter the notation and the date of the notation; and
   2. (2) note the lien and date of lien in the bureau's files.

As added by P.L.125-2012, SEC.92. Amended by P.L.27-2018, SEC.13; P.L.120-2020, SEC.19.