On the date of transfer of title of an aircraft registered with the department, the owner in writing shall report the transaction to the department, and shall surrender the registration certificate for said aircraft, properly executed as to transfer of title, to the purchaser. The purchaser may operate such aircraft in conformity with the terms of this certificate pending issuance of a registration certificate, provided that on the date of transfer of title the proper application form shall have been either mailed to the department or delivered to its representative.
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