§ 2120. Assignment by lienholder. (a) A lienholder may assign,
absolutely or otherwise, his security interest in the vehicle to a
person other than the owner without affecting the interest of the owner
or the validity of the security interest, but any person without notice
of the assignment is protected in dealing with the lienholder as the
holder of the security interest and the lienholder remains liable for
any obligations as lienholder until the assignee is named as lienholder
on the certificate.

(b) The assignee may, but need not to perfect the assignment, have the
certificate of title endorsed or issued with the assignee named as
lienholder, upon delivering to the commissioner an assignment by the
lienholder named in the certificate in the form the commissioner
prescribes. Upon the request of the assignee the commissioner shall
request the owner to deliver to the commissioner the certificate of
title.