In any transfer of a motor vehicle, trailer, or semitrailer, the application for certificate of title shall be filed within forty-five days after the date of assignment of such motor vehicle, trailer, or semitrailer. However, licensed dealers need not apply for a certificate of title for any motor vehicle, trailer, or semitrailer in stock or acquired for stock purposes. Upon transfer of such a vehicle the licensed dealer shall give the transferee a reassignment of the certificate of title on such motor vehicle, trailer, or semitrailer or an assignment of a manufacturer's statement of origin or a manufacturer's certificate of origin.
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