§ 55-27-101. Chapter Definitions

The definitions in chapter 17 of this title shall also apply to those defined terms used in this chapter.

§ 55-27-102. Funds Held in Trust by a Dealer

All funds received by a dealer in a transaction involving the purchase or trade-in, or both, of a motor vehicle intended by the parties to the transaction to be used to: Satisfy obligations secured by a lien or other security interest in a motor vehicle or other tangible personal property taken by the dealer as […]

§ 55-27-103. Funds Held in Trust by a Manufacturer

Funds held by a manufacturer that are necessary to perform the obligations of the manufacturer to dealers or customers described in this section are trust funds held in trust by the manufacturer for the benefit of any dealer or customer to whom the obligation is owed: Dealer holdbacks that are funds owed to a dealer […]

§ 55-27-104. Funds Held in Trust by a Distributor

Funds held by a manufacturer’s distributor of motor vehicles that are described in one (1) or more of § 55-27-103(1)-(10), as to which the distributor is obligated to a dealer or customer, are trust funds held in trust by the manufacturer’s distributor for the benefit of any dealer or customer to whom the obligation is […]

§ 55-27-105. Status of Funds

The trust fund status of any funds provided for under this chapter and chapter 24 of this title shall not be defeated by an inability to identify and trace the existence of the specific, precise funds in the account or accounts of the party holding the funds.

§ 55-27-106. Security Interest in Funds

A party holding trust funds provided for under this chapter and chapter 24 of this title may not grant to any third party any security or other interest in the trust funds. Notwithstanding subsection (a), for any manufacturer which, as a result of restructuring or other means, ten percent (10%) or more of the outstanding […]