If the vehicle is assessed by the commission under Section 59-2-201, the commission before issuing a registration shall be satisfied that the: (1) property tax or in lieu fee on the vehicle has been paid; (2) vehicle is exempt from the payment of the tax or in lieu fee; or (3) tax or in lieu fee is secured by a lien on real estate or by a bond. Renumbered and Amended by Chapter 1, 1992 General Session
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