MD MVA Form VR-217 - Security Interest Filing Statement

Form VR-217 - Security Interest Filing Statement is used to record a security interest in a vehicle in Maryland.

This form is used by financial institutions or lenders to officially declare their interest in a vehicle as collateral for a loan or financing agreement. It is a critical step in the loan process and protects the lender's rights to the vehicle until the loan is satisfied. For example, a bank that provides an auto loan to a customer would complete this form to establish a security interest in the financed vehicle.

The parties involved are the lender (secured party) and the borrower (debtor), with the Maryland Motor Vehicle Administration serving as the authority overseeing the filing. The form typically consists of sections for the lender's information, details about the debtor and the vehicle, and the terms of the security interest. Accurate completion is crucial to ensure the lender's rights are protected in the event of non-payment by the borrower.