(1) The director shall dispose of a certificate of title issued by the director or the authorized agent in the following manner: (a) If the certificate of title that is filed by the authorized agent is maintained in an electronic format within the director's and the authorized agent's motor and off-highway vehicle databases as required by the standards established pursuant to article 71.3 of title 24, C.R.S., the certificate of title shall be disposed of in accordance with paragraphs (b) and (c) of this subsection (1). (b) If it appears, from the records in the director's or the authorized agent's office and from an examination of the certificate of title, that the motor or off-highway vehicle described in the certificate of title is not subject to a mortgage filed after August 1, 1949, or if the vehicle is encumbered by a mortgage filed in any county of a state other than Colorado, the director or authorized agent shall deliver the certificate of title to the person who appears to be the owner of the vehicle or mail the certificate to the owner of the vehicle at his or her address as it appears in the application, the certificate of title, or other records in the director's or the authorized agent's office. (c) If it appears, from the records in the office of the director or the authorized agent and from the certificate of title, that the motor or off-highway vehicle described in the certificate of title is subject to one or more mortgages filed after August 1, 1949, the director or the authorized agent shall electronically maintain or deliver the certificate of title issued by the director to the mortgagee named in the certificate of title or the holder of the certificate of title whose mortgage was first filed in the office of an authorized agent.
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