Section 2119. Security interest

If an owner creates a security interest in
  a vehicle:
    (a) The owner shall,  if  the  lienholder  so  requests,  execute  the
  application,  in the space provided therefor on the certificate of title
  or  on  a  separate  form  the  commissioner  prescribes,  to  name  the
  lienholder  on  the  certificate,  showing  the  name and address of the
  lienholder, and cause the certificate, application and the required  fee
  to be delivered to the lienholder.
    (b)  The  lienholder  shall, immediately after the owner complies with
  subdivision (a), cause the certificate, application and the required fee
  to be mailed or delivered to the commissioner.
    (c) Upon receipt of the certificate  of  title,  application  and  the
  required  fee, the commissioner shall either endorse on the certificate,
  or issue a new certificate containing, the name and address of  the  new
  lienholder, and mail the certificate to the owner.